race-2024-12-31-en

Letter from the Chairman and the Chief Executive Officer

Dear Shareholder,

Our founder Enzo Ferrari was a visionary, a pioneer ahead of his time. To this day, everything we do here at

Maranello is fuelled by his relentless will to progress. This legacy to audaciously redefine the limits of possible, to innovate,

to continually push forward across each of The Prancing Horse’s souls, has led to another remarkable year, marked by

significant milestones in racing, sports cars and lifestyle.

Ferrari’s achievements in 2024 created some unforgettable memories, and saw the continued growth of our

Company. Our excellent financial results reflect our commitment to quality of revenues over volume, with all financial

parameters increasing by double digits, and a slight rise in shipments compared to last year. These resulted in an industrial

free cash flow above 1 billion Euro, and EBITDA margin of 38.3 percent and a net profit reaching 1.5 billion Euro.

These figures are testament to our dedication to enshrining our brand’s exclusivity whilst further consolidating its

position in the luxury world.

Our founder’s pioneering legacy is embodied in the sports cars we unveiled in 2024, in accordance with the plan we

set out on Capital Markets Day 2022.

In May, our extraordinary line up was further strengthened by the 12Cilindri and 12Cilindri Spider, fitted with the

latest, most advanced version of our iconic V12 engine. And then, in October, we revealed our F80 supercar. It raises the bar

once again, marking a new chapter in a proud lineage of legendary Ferraris such as 1984’s GTO, 1987’s F40, and 2016’s

LaFerrari Aperta. The F80, the pinnacle of Maranello’s technological innovation to date, continues Enzo Ferrari’s drive to

transfer advances and learnings derived from the track onto the road, using the same engine architecture that powers the 499P

Hypercar.

In his quest for excellence, Enzo demanded complete control of every component, and our new supercar fully

reflects this. It also represents a major advance in our electrification capabilities – we can now claim that our battery

assemblies, electric axles, inverters and electric engines are all “developed and made in Maranello”.

These important strides forward in our electrification journey are possible thanks to the opening of our new e-

building in Maranello, inaugurated on June 21 in the presence of the Italian President, Sergio Mattarella. Thanks to our

people’s commitment, construction took just two years and was achieved with unprecedented levels of energy, process and

materials efficiency.

This state-of-the-art facility increases our production flexibility, and it is here that we will manufacture the next

generation of Ferraris, including another exciting chapter in our history… the first Ferrari elettrica. We believe in offering our

clients complete flexibility in terms of powertrain, and this landmark sports car will be an important addition to our internal

combustion and hybrid models. There has of course been much interest and speculation about this model, and we can promise

that it will be a true Ferrari, delivering all the distinctive driving excitement that characterizes a sports car from the Prancing

Horse.

Our founder’s will to progress was matched by a thirst for knowledge that enabled him to get the edge on his

competitors and sparked new innovations. In April 2024 our understanding and expertise in electric power received a further

boost with the opening of the E-Cells Lab in collaboration with University of Bologna and NXP. This new electrochemical

research center, developed by Ferrari in knowledge of the materials and the chemical and physical properties of lithium cells

to prepare for the future.

Ferrari aims to lead by example in sustainable innovation, and 30 September saw a further milestone in our journey

towards carbon neutrality by 2030 when we shut down the trigenerator at our Maranello factory. Although this plant had been

an example of high-efficiency technology, its closure will ensure a threefold reduction in methane gas consumption compared

to 2021 as we rely increasingly on renewable sources of power. This progress is consistent with our strategy and

sustainability targets, and we were in fact able to do it three months earlier than previously planned.

Ferrari was born to compete on the track, and 2024 proved to be a memorable competitive season that honored the

Prancing Horse’s racing soul. Our teams brought home memorable victories in both the FIA World Endurance Championship

and Formula 1: we will never forget Sunday, September 1, a special day in which we won in both the WEC at Austin and the

F1 GP at Monza – two continents, two different categories, two Ferrari triumphs. In Formula 1 we were in contention for the

Constructors’ title right to the very end. In Scuderia Ferrari’s 95th anniversary year, our five Grand Prix wins united us all as

a community, as did our second consecutive win in the Le Mans 24 with the extraordinary 499P Hypercar. Our triumph in

this legendary test of human and mechanical endurance was a moment of great joy, as was the brilliant performance of the

296 GT3 and of the 296 Challenge in its debut year.

Enzo Ferrari was never satisfied with the status quo – and today we’re still looking for new ways to challenge our

racing DNA. We are currently preparing to enter the world of sailing: the search for maximum performance at sea gives us

the opportunity to develop new innovations in sustainability that will inspire our future sports cars.

Our lifestyle soul is also evolving and progressing. It’s a vital part of what we do, because for many fans of our

brand, this is their entry point into the Ferrari world. In 2024, the Museums of Maranello and Modena enjoyed record

attendances with over 850,000 visitors, driven by the public’s inexhaustible passion for the Prancing Horse. Our collections

have continued to enjoy strong acclaim during Milan Fashion Week and commercial traction, with the exclusive Miami

capsule collection and other limited editions of the Maranello Clutch, meticulously crafted in our factory.

In the luxury environment, delivering an outstanding experience is just as important as an outstanding product.

Much of our success in 2024 must be attributed to the way our teams have worked in harmony to continue to elevate our

brand. This was best demonstrated in Miami last spring, when an unprecedented program of Racing, Sports Car and Lifestyle

events were designed around the Miami Grand Prix to bring the Ferrari community together and capture the very essence of

the Prancing Horse.

At the heart of all of our achievements are our people: their passion, their sense of belonging, and their shared

endeavor to create excellence. And it is for our people that we committed to and implemented a series of initiatives in 2024.

These include a broad-based share ownership plan, our Competitiveness Award, comprehensive training programs, and an

enhanced corporate welfare system focused on employee wellbeing. Together, these initiatives reflect the value we place on

our people, and acknowledge their boundless ability to innovate.

Our clients’ generosity complements our actions to give back to our community. Our founder knew that progress is

enabled by knowledge, and Ferrari has a historic attention to excellence in training and education. We maintain our priority

on educational projects with innovation at their core – further strengthening our commitment for initiatives with global

ambitions in Maranello.

As we execute our business plan, we remain steadfastly forward-looking. Our will to progress defines our legacy

and our future. Whatever challenges present themselves in 2025, we will continue to face them head on, in line with our

commitment to innovation, exclusivity and excellence – always with four wheels on the ground.

Thank you for your support in 2024. We are delighted to have you onboard for another exciting year ahead.

February 20, 2025

John Elkann, Benedetto Vigna,

Executive Chairman Chief Executive Officer

Introduction

About this report

This document, referred to hereafter as the “Annual Report and Form 20-F” or “Annual Report”, constitutes both the

statutory annual report in accordance with Dutch legal requirements (“AFM Annual Report”) and the annual report on Form

20-F (“Form 20-F”), applicable to Foreign Private Issuers, pursuant to Section 13 or 15(d) of the United States (“U.S.”)

Securities Exchange Act of 1934, of Ferrari N.V. for the year ended December 31, 2024 , except as noted below.

For the cross-references of the contents of this document to the Form 20-F requirements please refer to the “Form

20-F Cross Reference” section included elsewhere in this document.

This Annual Report is filed with the Netherlands Authority for Financial Markets (Autoriteit Financiële Markten,

the “AFM”). The following sections have been removed for our Annual Report filing with the AFM:

• Form 20-F cover page;

• Corporate Governance — Differences between Dutch Corporate Governance Practices and NYSE Listing Standards;

• Report of Independent Registered Public Accounting Firm in respect of Internal Control over Financial Reporting

for the SEC filing;

• Report of Independent Registered Public Accounting Firm in respect of the PCAOB audits of the financial

statements for the SEC filing;

• Exhibits;

• Form 20-F Cross Reference; and

• Signatures.

This Annual Report and the exhibits hereto are filed with the U.S. Securities and Exchange Commission (“SEC”)

and unless otherwise stated, all references in this document to “Form 20-F” refer to the SEC filing. The following sections

have been removed for our Form 20-F filing with the SEC:

• Letter from the Chairman and the Chief Executive Officer;

• 2025 Outlook;

• Corporate Governance — Disclosures pursuant to Decree Article 10 EU-Directive on Takeovers;

• Corporate Governance — Responsibilities in respect to the Annual Report;

• Sustainability Statement;

• Controls and procedures — Statement by the Board of Directors;

• Company Financial Statements;

• Other Information — Additional Information for Netherlands Corporate Governance; and

• Independent auditor’s report — Report on the audit of the financial statements included in the Annual Report in

respect of the AFM filing.

Documents on Display

The SEC maintains an internet site that contains reports, proxy and information statements, and other information

regarding issuers that file electronically with the SEC, including the Company, at http://www.sec.gov. The address of the

SEC’s website is provided solely for information purposes and is not intended to be an active link. Reports and other

information concerning the business of Ferrari may also be inspected at the offices of the New York Stock Exchange, 11

Wall Street, New York, NY 10005, United States.

We also make our periodic reports as well as other information filed with or furnished to the SEC available, free of

charge, through our website at https://www.ferrari.com/en-EN/corporate as soon as reasonably practicable after those reports

and other information are electronically filed with or furnished to the SEC. The information on our website or the websites of

any other entity is not incorporated by reference in this document.

This document is a PDF copy of the Annual Report of Ferrari N.V. at and for the year ended December 31, 2024 and

is not presented in the ESEF-format as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU)

2019/815). The official Annual Report of Ferrari N.V. in ESEF single reporting package, as filed with the AFM, is available

on Ferrari’s website.

Certain Defined Terms and Note on Presentation

Certain Defined Terms

In this report, unless otherwise specified, the terms “we”, “our”, “us”, the “Group”, the “Company” and “Ferrari”

refer to Ferrari N.V., individually or together with its subsidiaries as the context may require. References to “Ferrari N.V.”

refer to the registrant.

Note on Presentation

This Annual Report includes the consolidated financial statements of Ferrari N.V. at December 31, 2024 and 2023,

and for the years ended December 31, 2024, 2023 and 2022 prepared in accordance with the IFRS® Accounting Standards

(“IFRS Accounting Standards”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS

Accounting Standards as adopted by the European Union (throughout this document references to IFRS Accounting

Standards refer to both IFRS Accounting Standards as issued by the IASB and IFRS Accounting Standards as adopted by the

European Union, unless specified otherwise). There is no effect on these consolidated financial statements resulting from

differences between IFRS Accounting Standards as issued by the IASB and IFRS Accounting Standards as adopted by the

European Union. The consolidated financial statements and the notes to the consolidated financial statements are referred to

collectively as the “Consolidated Financial Statements”.

Basis of Preparation of the Consolidated Financial Statements

The Group’s financial information is presented in Euro. In some instances, information is presented in U.S. Dollars.

All references in this document to “Euro” and “€” refer to the currency introduced at the start of the third stage of European

Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended, and all

references to “U.S. Dollars” and “$” refer to the currency of the United States of America (the “United States” or the “U.S.”).

The language of this Annual Report is English. Certain legislative references and technical terms have been cited in

their original language in order that the correct technical meaning may be ascribed to them under applicable law.

The financial data in the section “Financial Overview” is presented in millions of Euro, while the percentages

presented are calculated using the underlying figures in thousands of Euro.

Certain totals in the tables included in this document may not add due to rounding.

Except as otherwise disclosed within this Annual Report, no significant change has occurred since the date of the

Consolidated Financial Statements.

Forward-Looking Statements

Statements contained in this Annual Report, particularly those regarding our possible or assumed future

performance, competitive strengths, costs, dividends, reserves and growth as well as industry growth and other trends and

projections, are “forward-looking statements” that contain risks and uncertainties. In some cases, words such as “may”,

“will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”,

“successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”,

“guidance” and similar expressions are used to identify forward-looking statements. These forward-looking statements reflect

the respective current views of Ferrari with respect to future events and involve significant risks and uncertainties that could

cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties

include, without limitation:

• our ability to preserve and enhance the value of the Ferrari brand;

• our ability to attract and retain qualified personnel;

• the success of our racing activities;

• our ability to keep up with advances in high performance car technology, to meet the challenges and costs of

integrating advanced technologies, including electric, more broadly into our car portfolio over time and to make

appealing designs for our new models;

• the impact of increasingly stringent fuel economy, emissions and safety standards, including the cost of compliance,

and any required changes to our products, as well as possible future bans of combustion engine cars in cities and the

potential advent of self-driving technology;

• increases in costs, disruptions of supply or shortages of components and raw materials;

• our ability to successfully carry out our low volume and controlled growth strategy, while increasing our presence in

growth market countries;

• changes in general economic conditions (including changes in the markets in which we operate) and changes in

demand for luxury goods, including high performance luxury cars, which is highly volatile;

• macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and the Middle East region, and

the related issues potentially impacting sourcing and transportation, as well as trading policies and tariffs;

• competition in the luxury performance automobile industry;

• changes in client preferences and automotive trends;

• our ability to preserve the value of our cars over time and our relationship with the automobile collector and

enthusiast community;

• disruptions at our manufacturing facilities in Maranello and Modena;

• climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on

environmental matters;

• our ability to maintain the functional and efficient operation of our information technology systems and to defend

from the risk of cyberattacks, including on our in-vehicle technology;

• the ability of our current management team to operate and manage effectively and the reliance upon a number of key

members of executive management and employees;

• the performance of our dealer network on which we depend for sales and services;

• product warranties, product recalls and liability claims;

• the sponsorship and commercial revenues and expenses of our racing activities, as well as the popularity of motor

sports more broadly;

• the performance of our lifestyle activities;

• our ability to protect our intellectual property rights and to avoid infringing on the intellectual property rights of

others;

• our continued compliance with customs regulations of various jurisdictions;

• labor relations and collective bargaining agreements;

• our ability to ensure that our employees, agents and representatives comply with applicable law and regulations;

• changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which we

operate;

• our ability to service and refinance our debt;

• exchange rate fluctuations, interest rate changes, credit risk and other market risks;

• our ability to provide or arrange for adequate access to financing for our clients and dealers, and associated risks;

• the adequacy of our insurance coverage to protect us against potential losses;

• potential conflicts of interest due to director and officer overlaps with our largest shareholders; and

• other factors discussed elsewhere in this document.

We expressly disclaim and do not assume any liability in connection with any inaccuracies in any of the forward-

looking statements in this document or in connection with any use by any third party of such forward-looking statements.

Actual results could differ materially from those anticipated in such forward-looking statements. We do not undertake an

obligation to update or revise publicly any forward-looking statements.

Additional factors which could cause actual results and developments to differ from those expressed or implied by

the forward-looking statements are included in the section “Risk Factors” of this Annual Report. These factors may not be

exhaustive and should be read in conjunction with the other cautionary statements included in this Annual Report. You

should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

Creating Value for Our Shareholders

Ferrari is among the world’s leading luxury brands with unique, world-class capabilities, and a vision built on our

historic foundations and strengths.

We are fiercely protective of our brand, which is among the most iconic and recognizable in the world and is critical

to our value proposition to all of our stakeholders. We strive to maintain and enhance the power of our brand and the passion

we inspire in clients and the broader community of automotive enthusiasts by continuing our rigorous production and

distribution model, which promotes excellence in innovation, design and uniqueness.

We also support our brand value by promoting a strong connection to our company and our brand among the

community of Ferrari enthusiasts. We focus relentlessly on strengthening this connection by rewarding our most loyal clients

through a range of initiatives, such as driving events and client activities worldwide and, most importantly, by providing our

most loyal and active clients with preferential access to our newest, most exclusive and highest value cars. As a result, in

2024, we sold approximately 81% of our new cars to existing Ferrari clients and 48% to clients being current owners of more

than one Ferrari, which reinforces the demand for our cars and the image of luxury and exclusivity inherent in our brand.

Our commitment to excellence and our pursuit of innovation, state-of-the-art performance and distinction in design

and engineering in our luxury cars is inseparable from our commitment to integrity, transparency and responsibility in

conducting our business. By fully integrating environmental and social considerations with economic objectives we are able

to identify potential risks and capitalize on additional opportunities, resulting in a process of continuous improvement.

Sustainability is a core element of our governance model and executive management plays a direct and active role in

developing and achieving our sustainability objectives under the direction of our Board of Directors. As a clear demonstration

of this commitment, we have strengthened the integration of environmental topics in our strategic plan by presenting, in June

2022, a decarbonization strategy that will help us reach carbon neutrality by 2030.

The foundation of a responsible company rests on being fully attentive to the nature and extent of this

interconnection and our understanding of both the potential effects of our activities and how those effects can be mitigated

through responsible management.

All of the above is strictly linked to our values:

• INDIVIDUAL AND TEAM: Our talented individuals are our greatest resource. However, they can only pursue the

extraordinary by working together as a team. By fostering integrity, excellence and generosity, we give each of our

people the possibility to express their own full potential - and to be part of something greater.

• TRADITION AND INNOVATION: Tradition and innovation drive each other. The ongoing quest for lasting firsts

is what fuels the Ferrari legend. Our ability to combine revolutionary technological solutions with exceptional

artisanal craftsmanship is what enables us to create icons that stay timeless in a fast-changing world.

• PASSION AND ACHIEVEMENT: Ferrari’s racing spirit lives on in emotions that transcend the road and the track,

ultimately becoming an authentic attitude towards life. Nothing excites us more than setting ambitious targets and

expectations - and then exceeding them, to push every boundary. It is how the power of passion becomes the beauty

of achievement.

Ferrari audaciously redefines the limits of possible.

To ensure tangible long-term value creation and a continuing integration of our sustainability strategy, we place

particular emphasis on:

• a governance model based on transparency and integrity, fostering best practices;

• a safe and environmentally conscious workplace including excellent working conditions and the utmost respect for

human rights;

• continuing professional development of our employees;

• mutually beneficial relationships with business partners and the communities in which we operate;

• mitigation of environmental impacts from our production processes and the luxury cars we produce, addressing

direct and indirect GHG emissions, focusing on energy and materials, in addition to our electrification journey.

Risk Factors

We face a variety of risks and uncertainties in our business. Those described below are not the only risks and

uncertainties that we face. Additional risks and uncertainties that we are unaware of, or that we currently believe to be

immaterial, may also become important factors that affect us.

Risks Related to Our Business, Strategy and Operations

We may not succeed in preserving and enhancing the value of the Ferrari brand, which we depend upon to drive demand

and revenues.

Our financial performance is influenced by the perception and recognition of the Ferrari brand, which, in turn,

depends on many factors such as the design, performance, quality and image of our cars, the success of our racing teams, the

appeal of our dealerships and stores, the success of our promotional activities including public relations and marketing, as

well as our general profile, including our brand’s image of exclusivity. The value of our brand and our ability to achieve

premium pricing for Ferrari-branded products may decline if we are unable to maintain the value and image of the Ferrari

brand, including, in particular, its aura of exclusivity. Maintaining the value of our brand will depend significantly on our

ability to continue to produce luxury performance cars of the highest quality. The market for luxury goods generally and for

luxury automobiles in particular is intensely competitive, and we may not be successful in maintaining and strengthening the

appeal of our brand. Client preferences, particularly among luxury goods, can vary over time, sometimes rapidly. We are

therefore exposed to changing perceptions of our brand image, particularly as we seek to attract new generations of clients

and, to that end, we continuously renovate and expand the range of our models. For example, the expansion of hybrid engine

and electric engine technology into our product portfolio may impact the overall driver experience compared to the

combustion engine cars of our historical models, and the long term response of our clients to these new technologies,

particularly with respect to fully electric models, remains unknown. Any failure to preserve and enhance the value of our

brand may materially and adversely affect our ability to sell our cars, to maintain premium pricing, and to extend the value of

our brand into other activities profitably or at all.

More broadly, our lifestyle strategy will significantly increase the deployment of our brand in non-car products and

experiences, including a large variety of Ferrari-branded accessories and apparel. If this strategy is not successful, our brand

image may be diluted or tainted. We selectively license the Ferrari brand to third parties that produce and sell Ferrari-branded

luxury goods and therefore we rely on our licensing partners to preserve and enhance the value of our brand. If our licensees

or the manufacturers of these products do not maintain the standards of quality and exclusivity that we believe are consistent

with the Ferrari brand, or if such licensees or manufacturers otherwise misuse the Ferrari brand, our reputation and the

integrity and value of our brand may be damaged and our business, operating results and financial condition may be

materially and adversely affected.

In addition, given the popularity, competitiveness and demographic penetration of social media, Ferrari must

maintain a presence on the principal established and emerging social media platforms. If we cannot cost effectively use these

marketing tools, if we fail to promote our products and services efficiently and effectively or to properly comply with the

applicable laws and regulations, or if our social media campaigns attract negative media attention or customer feedback, the

value of our brand may be negatively impacted, as well as our results of operations. The popularity and reach of social media

and other online platforms has also made it increasingly easier for individuals and groups to communicate and share opinions

and views. Any negative or adverse publicity about us, whether or not truthful, could rapidly disseminate and harm customer

and community perceptions as well as confidence in our brand and ultimately impact our business, results of operations and

financial condition.

If we are not able to attract and retain qualified personnel, we may not be able to maintain our competitive position or

implement our business strategy.

Our success depends, in part, on our continuing ability to attract, recruit, develop and retain qualified talent, as well

as maintaining the right balance between internal resources and qualified suppliers to ensure flexibility in our business

operations and the availability of the skills and expertise required. Failure to do so effectively would adversely affect our

business. Competition to attract talented employees is intense, and there can be a limited availability of individuals with the

requisite knowledge and relevant experience. In addition, we may not succeed in instilling our corporate culture and values in

our personnel and we may not be able to attract, assimilate, develop or retain qualified personnel in the future. Failure to do

so could adversely affect our business, including our ability to execute our global business strategy.

Our brand image depends in part on the success of our racing activities, particularly our Formula 1 team.

The prestige, identity, and appeal of the Ferrari brand depends in part on the success of our racing activities, which

are a key component of our marketing strategy and may be perceived by our clients as a demonstration of the technological

capabilities of our cars, which also support the appeal of other Ferrari-branded luxury goods. In particular, we are focused on

improving the results of our Scuderia Ferrari racing team in the Formula 1 World Championship and restoring our historical

position as the premier racing team in Formula 1, as our most recent Drivers’ Championship and Constructors’ Championship

were in 2007 and 2008, respectively. If we are unable to attract and retain the necessary talent to succeed in international

competitions or devote the capital necessary to fund successful racing activities, the value of the Ferrari brand and the appeal

of our cars and other luxury goods may suffer. Even if we are able to attract such talent and adequately fund our racing

activities, there is no assurance that this will lead to competitive success for our racing teams.

The success of our racing teams depends in particular on our ability to attract and retain top drivers, racing team

management and engineering talent. Our primary Formula 1 drivers, team managers and other key employees of Scuderia

Ferrari are critical to the success of our Scuderia Ferrari racing team and if we were to lose their services, this could have a

material adverse effect on our success and correspondingly the Ferrari brand. If we are unable to find adequate replacements

or to attract, retain and incentivize drivers and team managers, other key employees or new qualified personnel, the success

of our racing teams may suffer. In addition, the caps on spending imposed by the Formula 1 governing body may hinder our

ability to restore our racing preeminence (See “Our revenues from Formula 1 activities may decline and our related expenses

may grow”). Because the success of our racing teams forms a large part of our brand identity, a sustained period without

racing success could detract from the Ferrari brand and, as a result, from potential clients’ enthusiasm for the Ferrari brand

and their perception of our cars, which could have an adverse effect on our business, results of operations and financial

condition.

If we are unable to keep up with advances in high performance car technology, our brand and competitive position may

suffer.

Performance cars are characterized by leading-edge technology that is constantly evolving. In particular, advances in

racing technology often lead to improved technology in road cars. Although we invest heavily in research and development,

we may be unable to maintain our leading position in high performance car technology and, as a result, our competitive

position may suffer. As technologies change, we plan to upgrade or adapt our cars and introduce new models in order to

continue to provide cars with the latest technology. However, our cars may not compete effectively with our competitors’

cars if we are not able to develop, source and integrate the latest technology into our cars. For example, in the next few years

we expect that luxury performance cars will increasingly transition to hybrid and electric technology, albeit at a slower pace

compared to mass market vehicles. See “The introduction of electric technology in our cars is costly and its long-term

success is uncertain”. We are also investing in connectivity, which requires significant investments in research and

development; we expect that the future generation of cars will feature a higher degree of connectivity for purposes of

infotainment, safety and regulatory compliance. These in-car features may also in the near-to-medium term be driven by

advances in artificial intelligence (or AI) which may need to be sourced externally and integrated into the car technology.

Developing or acquiring and applying new automotive technologies is costly, and may become even more costly in

the future as available technology advances and competition in the industry increases. If our research and development efforts

do not lead to improvements in car performance relative to our competitors, or if we are required to spend more to achieve

comparable results, the sales of our cars or our profitability may suffer.

If our cars do not perform as expected our ability to develop, market and sell our cars could be harmed.

Our cars may contain defects in design and manufacture that may cause them not to perform as expected or that may

require repair. There can be no assurance that we will be able to detect and fix any defects in the cars prior to their sale to

consumers. Our cars may not perform in line with our clients’ evolving expectations or in a manner that equals or exceeds the

performance characteristics of other cars currently available. For example, our newer cars may not have the durability or

longevity of current cars, and may not be as easy to repair as other cars currently on the market. Any product defects or any

other failure of our performance cars to perform as expected could harm our reputation and result in adverse publicity, lost

revenue, delivery delays, product recalls, product liability claims, harm to our brand and reputation, and significant warranty

and other expenses, and could have a material adverse impact on our business, operating results and financial condition.

If our car designs do not appeal to clients, our brand and competitive position may suffer.

Design and styling are an integral component of our models and our brand. Our cars have historically been

characterized by distinctive designs combining the aerodynamics of a sports car with powerful, elegant lines. We believe our

clients purchase our cars for their appearance as well as their performance. However, we will need to renew over time the

style of our cars to differentiate the new models we produce from older models, and to reflect the broader evolution of

aesthetics in our markets. Through the Ferrari Design Centre, our in-house design team, we devote great efforts to the design

of our cars. The design of our electric cars and, more generally, of our future models with increased connectivity features will

depart from past designs in appearance and functionality, thereby requiring new skills and presenting new challenges. If the

design of our future models fails to meet the evolving tastes and preferences of our clients and prospective clients, or the

appreciation of the wider public, our brand may suffer and our sales may be adversely affected.

The introduction of electric technology in our cars is costly and its long-term success is uncertain.

We are gradually introducing electric technology in our cars and we currently plan to launch the first full electric

Ferrari in the fourth quarter of 2025. In accordance with our strategy, we believe electric technology, together with hybrid

and other advanced technologies, will be key to providing continuing performance upgrades to our sports car customers, and

will also help us capture the preferences of the urban, affluent car purchasers whom we are increasingly targeting, while

helping us meet increasingly stricter emissions requirements.

The integration of electric technology more broadly into our car portfolio over time may present challenges and

costs. Although we expect to continue pricing our cars appropriately to recoup the investments and expenditures we are

making to integrate electric and other advanced technologies into our cars, we cannot be certain that these expenditures will

be fully recovered or that they will be recovered with our desired margins. In addition, this transformation of our car

technology may create risks and uncertainties with respect to the impact on driver experience and the potential obsolescence

of core components which in turn may affect the residual value of our cars over time. Other manufacturers of luxury sports

cars may be more successful in implementing electric technology. In the long-term, although we believe that combustion

engines will continue to be fundamental to the Ferrari driver experience for the foreseeable future, hybrid and pure electric

cars may become the prevalent technology for performance sports cars. See also “If we are unable to keep up with advances

in high performance car technology, our brand and competitive position may suffer”.

Because electric technology is a core component of our strategy, and in the medium term we plan to increase the

portion of our shipments that feature vehicles with electric technology, if the introduction of electric cars proves too costly or

is unsuccessful in the market, our business and results of operations could be materially adversely affected.

New or changing laws, regulations or policies of governmental organizations regarding, among other things, increased

fuel economy requirements, reduced greenhouse gas or pollutant emissions, vehicle safety, or connectivity requirements

may have a significant effect on our costs of operation and/or how we do business.

We are subject throughout the world to comprehensive and constantly evolving laws, regulations and policies. We

expect the extent of the legal and regulatory requirements affecting our business and our costs of compliance to continue to

increase significantly in the future. Failure to comply with applicable laws and regulatory requirements, in addition to the

fines it may attract, may negatively impact our business, results of operations and financial condition as well as our

reputation.

In Europe and the United States, for example, significant governmental regulation is driven by environmental, fuel

economy, vehicle safety, noise emission and connectivity concerns. Evolving regulatory requirements could significantly

affect our product development plans and may limit the number and types of cars we sell and where we sell them, which may

affect our revenue and profitability. Governmental regulations may increase the costs we incur to design, develop and

produce our cars and may affect our product portfolio. Regulation may also result in a change in the character or performance

characteristics of our cars, which may render them less appealing to our clients. We anticipate that the number and extent of

these regulations, and their effect on our cost structure and product line-up, will increase significantly in the future.

In the United States, there has been increasing focus on emissions and pollution regulations in recent years. New

regulations are in the process of being developed, and many existing and potential regulatory initiatives are subject to review

by federal or state agencies or the courts. However, the recent change in the administration introduces considerable

uncertainty on future changes. In April 2024, the U.S. Environmental Protection Agency (EPA) released its Multi Pollutant

Emissions Standards for Model Years 2027 and Later Light Duty and Medium Light Vehicles final rule, introducing, among

other requirements, stricter emission standards (e.g., particulate matter). While several special provisions for SVMs have

been retained from the initial 2023 proposal, the GHG alternative standards have been completely eliminated from the

adopted rules.

In addition, we are subject to legislation relating to the emission of other air pollutants such as, among others, the

EU “Euro 6” standards and Real Driving Emissions (RDE) standards, the “Tier 3” Motor Vehicle Emission and Fuel

Standards issued by the U.S. Environmental Protection Agency (“EPA”), and the Zero Emission Vehicle regulation in

California, which are subject to similar derogations for Small Volume Manufacturers (“SVMs”). We lost our status as an

SVM for the United States National Highway Traffic Safety Administration (“NHTSA”) in 2019, because our global

production exceeded 10,000 vehicles, but we have not lost our SVM status for EU CO2 regulations or for EPA GHG

regulations in the United States. In 2022, 2023, and 2024 our global production exceeded 10,000 vehicles again and therefore

we were no longer considered a SVM by the NHTSA for the model years 2022, 2023 and 2024. We purchased the fuel

economy (“CAFE”) credits needed to fulfill our 2022 and 2023 deficits and we are currently evaluating the purchase of

credits for 2024. We expect to continue to purchase credits in the coming years if required. We could lose our status as an

SVM in the EU, the United States and other countries if we do not continue to meet all of the necessary eligibility criteria

under applicable regulations as they evolve, not only in relation to volumes but also in relation to the conditions of

operational independence. In order to meet these criteria we may need to modify our growth plans or other operations.

Furthermore, even if we continue to benefit from derogations as an SVM, we may have a substantial impact on our financial

results.

As the state of California has been granted special authority under the Clean Air Act to set its own vehicle emission

standards, the California Air Resources Board (“CARB”) enacted regulations under which manufacturers of vehicles for

certain model years that are in compliance with the EPA greenhouse gas emissions regulations are also deemed to be in

compliance with California’s greenhouse gas emission regulations (the so-called “deemed to comply” provision). These

regulations have evolved over time. In 2018, the CARB amended its existing regulations to clarify that the “deemed to

comply” provision would not be available for certain model years if the EPA standards for those years were altered via an

amendment of federal regulations and, in 2019, EPA announced a decision to withdraw California’s waiver of preemption

under the Clean Air Act. In this decision, the EPA also affirmed the NHTSA’s authority to set nationally applicable

regulatory standards under the preemption provisions of the Energy Policy and Conservation Act (EPCA). On March 9, 2022,

the EPA rescinded its withdrawal of the waiver for California’s light-duty vehicle GHG and zero emission vehicle (ZEV)

standards. California and Section 177 states may again enforce those standards. Subsequently, CARB clarified that the

compliance with CARB’s GHG regulations is expected from model year 2021 for all manufacturers. Ferrari meets the

requirements to be classified as an SVM based on the relevant regulations in the state of California. Therefore, in 2023, in

agreement with CARB, Ferrari petitioned for SVM 2021-2025 alternative standards. In July 2024, we received official

approval from CARB. It may be necessary also to increase the number of tests to be performed in order to follow the CARB

specific procedures.

In relation to the safety legislation framework, in 2024, NHTSA published a new regulation on Automatic

Emergency Braking Systems, requiring vehicles to be equipped with systems that alert drivers of imminent collisions and

automatically apply brakes if necessary. Additionally, NHTSA published an advanced notice of proposed rulemaking as a

first regulatory step to introduce a new Federal Motor Vehicle Safety Standards (“FMVSS”) regulation providing

requirements for pedestrian protection. These regulatory updates will likely introduce US-specific requirements, compelling

manufacturers to develop tailored design solutions. The costs of compliance associated with these and similar rulemaking

may be substantial.

Other governments around the world, such as those in Canada, South Korea, China and certain Middle Eastern

countries, are also creating new policies to address these issues which could be even more stringent than the U.S. or European

requirements. As in the United States and Europe, these government policies if applied to us could significantly affect our

product development plans. Under these existing regulations, as well as new or stricter rules or policies, we could be subject

to sizable civil penalties or have to restrict or modify product offerings drastically to remain in compliance. We may have to

incur substantial capital expenditures and research and development expenditures to upgrade products and manufacturing

facilities, which would have an impact on our cost of production and results of operations.

In the future, the advent of self-driving technology may result in regulatory changes that we cannot predict but may

include limitations or bans on human driving in specific areas. In 2020 the European Commission issued its new digital

strategy policies and in 2022 its new digital strategy, which represent a priority in the European Commission’s regulatory

agenda. Although no regulations have been issued in this regard, the European Commission has showed a determination to

strengthen Europe’s digital sovereignty and role as a standard setter, with a clear focus on data, technology, and

infrastructure.

In June 2024, the European Union adopted the Artificial Intelligence Act (“AI Act”), setting harmonized rules for

trustworthy AI development and use across the EU. This legislation could be particularly relevant to the automotive sector,

influencing the development of self-driving technologies and advanced driver-assistance systems.

Similarly, driving bans on combustion engine vehicles could be imposed, particularly in metropolitan areas, as a

result of progress in electric and hybrid technology. Several other regulations are also emerging to take into account the non-

exhaust emissions such as brakes and tires particulate emissions and the environmental impact of the electric and hybrid

vehicles components, with a particular focus on batteries and waste batteries.

In July 2024, the European Union adopted the Ecodesign for Sustainable Products Regulation (“ESPR”) setting new

standards for product sustainability, ensuring that products sold in the EU are designed with environmental considerations.

While Ferrari already aims to design cars with durability, recyclability, and energy efficiency, this regulation will introduce

additional requirements, including the implementation of enhanced transparency measures (e.g., a digital product passport).

In the evolving regulatory landscape, we anticipate new regulations restricting or banning the use of materials

critical to our production. The EU is expanding its regulatory framework for chemicals as part of its zero-pollution goal under

the European Green Deal. This includes new rules to enhance the circularity of the automotive sector and extend

manufacturers’ responsibility for end-of-life vehicle management. Such regulatory shifts may significantly impact material

choices in our business, necessitating substantial R&D efforts. We expect these changes to lead to significantly increased

costs and potential adjustments to our supply chain. Furthermore, we are observing a general fragmentation of requirements

both globally and within markets (e.g., individual states in the United States), which could further complicate operational

efficiency.

To comply with current and future environmental rules in all markets in which we sell our cars, we may have to

incur substantial capital expenditure and research and development expenditure to upgrade products and manufacturing

facilities, which would have an impact on our cost of production and results of operations.

For a description of the regulations referred to in the paragraphs above please see “Overview of Our Business—

Regulatory Matters”.

We depend on our suppliers, many of which are single source suppliers; and if these suppliers fail to deliver necessary raw

materials, components, parts, systems, services or infrastructure of appropriate quality in a timely manner, our operations

may be disrupted.

Our business depends on a significant number of suppliers that provide the raw materials, components, parts,

systems, services and infrastructure we require to manufacture cars and parts and to operate our business, and some of these

suppliers may face financial difficulties as a result of the ongoing transformation and challenges in the global automotive

industry. We use a variety of raw materials in our business, including aluminum, and precious metals such as palladium and

rhodium. We source materials from a limited number of suppliers. We cannot guarantee that we will be able to maintain

access to these raw materials, and in some cases this access may be affected by factors outside of our control and the control

of our suppliers. In addition, prices for these raw materials fluctuate and while we seek to manage this exposure, we may not

be successful in mitigating these risks.

As with raw materials, we are also at risk of supply disruption and shortages in parts and components we purchase

for use in our cars. We source a variety of key components from third parties, including transmissions, brakes, driving-safety

systems, navigation systems, mechanical, electrical and electronic parts, plastic components as well as castings and tires,

which makes us dependent upon the suppliers of such components. In coming years, we will also require a greater number of

components for hybrid and electric engines as we continue to deploy hybrid and electric technology in our cars, and we

expect producers of these components will be called upon to increase the levels of supply as the shift to hybrid or electric

technology gathers pace in the industry. While we obtain components from multiple sources whenever possible, similar to

other small volume car manufacturers, most of the key components we use in our cars are purchased by us from single source

suppliers. We generally do not qualify alternative sources for most of the single-sourced components we use in our cars and

we do not maintain long-term agreements with a number of our suppliers. Furthermore, we have limited ability to monitor the

financial stability of our suppliers.

While we believe that we may be able to establish alternate supply relationships and can obtain or engineer

replacement components for our single-sourced components, we may be unable to do so in the short term, or at all, at prices

or costs that we believe are reasonable. Qualifying alternate suppliers or developing our own replacements for certain highly

customized components of our cars may be time consuming, costly and may force us to make costly modifications to the

designs of our cars.

Moreover, as the lifecycle of several components becomes shorter in light of the technological shift affecting the

industry, a number of the components we use in our production processes may become in the near term obsolete, which will

require us to implement new procurement strategies. Those strategies may not be successful and we may not be able to source

new components in a timely manner or at competitive prices, and our results of operations may be adversely affected.

In the past, we have replaced certain suppliers because they failed to provide components that met our quality

control standards. The loss of any single or limited source supplier or the disruption in the supply of components from these

suppliers could lead to delays in car deliveries to our clients, which could adversely affect our relationships with our clients

and also materially and adversely affect our operating results and financial condition. The supply of raw materials, parts and

components may also be disrupted or interrupted by natural disasters, or by unexpected fluctuations in market demand and

supply, such as the global shortage of semiconductors that impacted the automotive industry in particular, lastly in 2021. If

any major disasters occur, such as earthquakes, fires, floods, hurricanes, wars, terrorist attacks, pandemics or other events,

our supply chain may be disrupted, which may stop or delay production and shipment of our cars. The ongoing conflict

between Russia and Ukraine, the recognition by Russia of the independence of the self-proclaimed republics of Donetsk and

Luhansk, in the Donbas region of Ukraine and the resulting geopolitical tensions have had a significant impact on the global

economy in recent periods resulting in a sharp increase in energy prices and higher prices for certain raw materials and goods

and services, which in turn contributed to higher inflation globally. The conflict continues and the timing of any resolution is

highly uncertain. Many governments around the world, including those of the United States, the European Union and Japan,

have imposed sanctions on certain industry sectors and parties in Russia and the regions of Donetsk and Luhansk, as well as

enhanced export controls on certain industries and products, including luxury goods, and the exclusion of certain Russian

financial institutions from the SWIFT system. These and any additional sanctions and export controls, as well as any

counterresponses by the governments of Russia or other jurisdictions, could adversely affect, directly or indirectly, our supply

chain, with negative implications on the availability and prices of raw materials, and our customers, as well as the global

financial markets and financial services industry. See also “We are subject to risks related to epidemics, pandemics or other

public health crises that may materially and adversely affect our business” for a discussion of widespread public health crises

which may affect our supply chain directly or indirectly.

Changes in our supply chain have in the past resulted and may in the future result in increased costs and delays in

car production. We have also experienced cost increases from certain suppliers in order to meet our quality targets and

development timelines and because of design changes that we have made, and we may experience similar cost increases in

the future. We are negotiating with existing suppliers for cost reductions, seeking new and less expensive suppliers for certain

parts, and attempting to redesign certain parts to make them less expensive to produce. If we are unsuccessful in our efforts to

control and reduce supplier costs while maintaining a stable source of high-quality supplies, our operating results will suffer.

Additionally, cost reduction efforts may disrupt our normal production processes, thereby harming the quality or volume of

our production.

Furthermore, if our suppliers fail to provide components in a timely manner or at the level of quality necessary to

manufacture our cars, our clients may face longer waiting periods which could result in negative publicity, harm our

reputation and relationship with clients and have a material adverse effect on our business, operating results and financial

condition.

Our low volume strategy may limit potential profits, and if volumes increase our brand exclusivity may be eroded.

A key to the appeal of the Ferrari brand and our marketing strategy is the aura of exclusivity and the sense of luxury

which our brand conveys. A central facet to this exclusivity is the limited number of models and cars we produce and our

strategy of maintaining our car waiting lists to reach the optimal combination of exclusivity and client service. Our low

volume strategy is also an important factor in the prices that our clients are willing to pay for our cars. This focus on

maintaining exclusivity limits our potential sales growth and profits compared to manufacturers less reliant on the exclusivity

of their products.

On the other hand, our current growth strategy contemplates a measured increase in shipments above current levels

as we target a larger customer base and modes of use, we increase our focus on reaching a younger customer base and

creating new Ferrari collectors, and our product portfolio evolves with a broader product range. We sold 13,752, 13,663 and

13,221 cars in 2024, 2023 and 2022, respectively, compared to 7,255 cars in 2014, the year before our initial public offering,

and sales are expected to continue to increase gradually in line with our low volume strategy.

In pursuit of our strategy, we may be unable to maintain the exclusivity of the Ferrari brand. If we are unable to

balance brand exclusivity with increased production, we may erode the desirability and ultimately the consumer demand or

relative pricing for our cars. As a result, if we are unable to increase car production meaningfully or introduce new car

models without eroding the image of exclusivity in our brand we may be unable to significantly increase our revenues.

The small number of car models we produce and sell may result in greater volatility in our financial results.

We depend on the sales of a small number of car models to generate our revenues. Our current product portfolio

consists of seven Range models, three Special Series models, one strictly limited edition Icona model and our latest Supercar.

Despite our expanded offering, a limited number of models will continue to account for a large portion of our revenues at any

given time in the foreseeable future, compared to other automakers. Therefore, a single unsuccessful new model would harm

us more than it would other automakers. There can be no assurance that our cars will continue to be successful in the market,

or that we will be able to launch new models on a timely basis compared to our competitors. It generally takes several years

from the beginning of the development phase to the start of production for a new model and the car development process is

capital intensive. As a result, we would likely be unable to replace quickly the revenue lost from one of our main car models

if it does not achieve market acceptance. Furthermore, our revenues and profits may also be affected by our Special Series

and limited edition models (including the Icona limited editions and supercars) that we launch from time to time and which

are typically priced higher than our range models. There can be no assurance that we will be successful in developing,

producing and marketing additional new cars (including our Special Series and limited edition models) to sustain sales

growth in the future.

Our controlled growth strategy exposes us to risks.

Our growth strategy includes a controlled expansion of our sales and operations, including the launching of new car

models and expanding sales, as well as dealer operations and workshops, in targeted growth regions internationally. In

particular, our growth strategy includes the opportunity for us to expand operations in regions and markets that we have

identified as having relatively high growth potential. We may encounter difficulties in entering and establishing ourselves in

these markets, including in establishing new successful dealership networks and facing more significant competition from

competitors that are already present in those regions.

Our growth depends on the continued success of our existing cars, as well as the successful introduction of new cars.

Our ability to create new cars and to sustain existing car models is affected by whether we can successfully anticipate and

respond to consumer preferences and car trends. The failure to develop successful new cars or delays in their launch that

could result in others bringing new products and leading-edge technologies to the market first, could compromise our

competitive position and hinder the growth of our business. As part of our growth strategy, we broadened the range of our

models to capture additional customer demand for different types of vehicles and modes of utilization. Since the start of 2023

we launched 8 new models. In addition, we are gradually but rapidly expanding the use of hybrid and electric technology in

our road cars as we broaden and expand our product portfolio. In 2024, hybrid-engine cars represented 51.3 percent of our

shipments, representing the majority of our shipments for the first time. While we will seek to ensure that these changes

remain fully consistent with the Ferrari car identity, we cannot be certain that they will prove profitable and commercially

successful.

Our controlled growth strategy may expose us to new business risks that we may not have the expertise, capability

or the systems to manage. This strategy will also place significant demands on us by requiring us to continuously evolve and

improve our operational, financial and internal controls. Continued expansion also increases the challenges involved in

maintaining high levels of quality, management and client satisfaction, recruiting, training and retaining sufficiently skilled

management, technical and marketing personnel. If we are unable to manage these risks or meet these demands, our growth

prospects and our business, results of operations and financial condition could be adversely affected.

We continuously improve our international network footprint and skill set. We also plan to open additional retail

stores in international markets for our lifestyle activities. We do not yet have significant experience directly operating in

many of these markets, and in many of them we face established competitors. Many of these countries have different

operational characteristics, including but not limited to employment and labor, transportation, logistics, real estate,

environmental regulations and local reporting or legal requirements.

Consumer demand and behavior, as well as tastes and purchasing trends may differ in these markets, and as a result,

sales of our products may not be successful, or the margins on those sales may not be in line with those we currently

anticipate. Furthermore, such markets will have upfront short-term investment costs that may not be accompanied by

sufficient revenues to achieve typical or expected operational and financial performance and therefore may be dilutive to us

in the short-term. In many of these countries, there is significant competition to attract and retain experienced and talented

employees.

Consequently, if our international expansion plans are unsuccessful, our business, results of operations and financial

condition could be materially adversely affected.

Global economic conditions and macro events, as well as trading policies and tariffs, may adversely affect us.

Our sales volumes and revenues may be affected by overall general economic conditions within the various

countries in which we operate. Deteriorating general economic conditions may affect disposable incomes and reduce

consumer wealth impacting client demand, particularly for luxury goods, which may negatively impact our profitability and

put downward pressure on our prices and volumes. Furthermore, during recessionary periods, social acceptability of luxury

purchases may decrease and higher taxes may be more likely to be imposed on certain luxury goods including our cars, which

may affect our sales. Adverse economic conditions may also affect the financial health and performance of our dealers in a

manner that will affect sales of our cars or their ability to meet their commitments to us.

The luxury performance car market is generally affected by global macroeconomic conditions and many factors

affect the level of consumer spending in the luxury performance car industry, including the state of the economy as a whole,

stock market performance, interest and exchange rates, inflation, political uncertainty, the availability of consumer credit, tax

rates, unemployment levels and other matters that influence consumer confidence. In general, although our sales have

historically been comparatively resilient in periods of economic turmoil, sales of luxury goods tend to decline during

recessionary periods when the level of disposable income tends to be lower or when consumer confidence is low. In 2024, the

global luxury industry experienced a notable slow down which may continue in 2025. Inflation recorded in 2023 was more

moderate than in 2022, and inflation levels in 2024 continued to decrease. If inflation remains elevated or increases in the

future we could face further increases in the costs we incur for raw materials, utilities or services, which could adversely

affect our business and results of operations if we are not able to pass on the increased costs to our customers or successfully

implement other mitigating actions. Following the rise in inflation, several main central banks raised interest rates rapidly

over the course of 2022 and part of 2023. While certain central banks now appear to follow a softer monetary stance, a higher

cost of borrowing compared to recent historical periods may persist in the market. Such increases could impact our ability to

obtain affordable financing or could make our cars less affordable to clients, which could cause consumers to delay the

purchase of our cars or to purchase less expensive cars.

We distribute our products internationally and we may be affected by downturns in general economic conditions or

uncertainties regarding future economic prospects that may impact the countries in which we sell a significant portion of our

products. In particular, the majority of our current sales are in Europe and in the United States; if we are unable to expand in

other growth markets, a downturn in mature economies such as Europe and the United States may negatively affect our

financial performance. In addition, uncertainties regarding future trade arrangements and industrial policies in various

countries or regions create additional macroeconomic risk. In the United States, any policy to discourage imports into the

United States of vehicles produced elsewhere could adversely affect our operations and the U.S. administration has

announced its intention to conduct systematic reviews of existing tariffs and other trade measures and, in February 2025, has

issued proclamations directing the U.S. Secretary of Commerce to broadly adjust tariffs on certain raw materials and

imported goods, including cars. In 2024, the United States represented 25 percent of our shipments and 29 percent of our

revenues from cars and spare parts. Following 2024 elections in the United States and Europe, and in view of upcoming

global elections, there is heightened uncertainty regarding the potential imposition of tariffs and other trade barriers or

protectionist industrial policies; such uncertainty may, in turn, negatively impact global trade and macroeconomic conditions

and increase costs for producers and consumers. Governments may turn to trade barriers to protect their domestic industries

against foreign imports, retaliate against protective trade measures imposed by other countries, or manage economic

conditions such as currency deflation. It is unknown whether and to what extent other new tariffs (or other new laws or

regulations) will be adopted, or the effect that any such actions would have on us, our business, financial condition and

results of operations, as well as on our industry, or on the purchase ability of consumers globally. In general, the banking,

economic and monetary crisis, as well as the escalating energy prices triggered by the ongoing conflict between Russia and

Ukraine, as well as conflicts elsewhere in the world (including the conflict between Israel and Hamas, which has led to wider

conflicts in the Middle East region and has the potential to escalate further), may reduce customers’ interest for, and financial

ability to buy, luxury products. Although Mainland China, Hong Kong and Taiwan only represented 8 percent of our net

revenues in 2024 and is expected to represent a limited proportion of our growth in the short term, slowing economic

conditions in Mainland China, Hong Kong and Taiwan may adversely affect our revenues in that region. A significant decline

in the global economy or in the specific economies of our markets, or in consumers’ confidence, could have a material

adverse effect on our business. See also “Developments in growth markets may adversely affect our business”.

Additionally, sanctions and export controls which could be introduced as a result of changes in governments (such

as in the United States), geopolitical tensions and conflicts could adversely affect, directly or indirectly, our supply chain and

customers, as well as the global financial markets and financial services industry. See also “We depend on our suppliers,

many of which are single source suppliers; and if these suppliers fail to deliver necessary raw materials, components, parts,

systems, services or infrastructure of appropriate quality in a timely manner, our operations may be disrupted”.

We are subject to risks related to epidemics, pandemics or other public health crises that may materially and adversely

affect our business.

Public health crises such as epidemics, pandemics or similar outbreaks could adversely impact our business. For

instance, from 2020 to 2022, the global spread of COVID-19, including variants thereof, led to governments around the

world mandating increasingly restrictive measures to contain the pandemic and caused significant disruption to the global

economy, including changes in consumer spending and behavior, disruption to supply chains and financial markets, as well as

restrictions on business and individual activities. This led to a global economic slowdown and a severe recession in several of

the markets in which we operate, which may reverberate after all restrictions are lifted. Our operations were also profoundly

disrupted, with our production suspended at our two plants for several weeks in 2020, and our suppliers and dealers were

similarly affected. Governmental restrictions were lifted and partly reintroduced reflecting developments in the pandemic.

Future pandemics may have similar, or worse, impacts on our operations.

Furthermore, pandemics or other widespread public health crises may lead to financial distress for our suppliers or

dealers, as a result of which they may have to permanently discontinue or substantially reduce their operations.

Any of the foregoing could limit customer demand or our capacity to meet customer demand and have a material

adverse effect on our business, results of operations and financial condition.

Pandemics or other widespread public health crises may also exacerbate other risks disclosed in this section,

including, but not limited to, our competitiveness, demand for our products, shifting consumer preferences, exchange rate

fluctuations, customers’ and dealers’ access to affordable financing, and credit market conditions affecting the availability of

capital and financial resources.

We face competition in the luxury performance car industry.

We face competition in all product categories and markets in which we operate. We compete with other international

luxury performance car manufacturers which own and operate well-known brands of high-quality cars, some of which form

part of larger automotive groups and may have greater financial resources and bargaining power with suppliers than we do,

particularly in light of our policy to maintain low volumes in order to preserve and enhance the exclusivity of our cars. In

addition, several other manufacturers have recently entered or are attempting to enter the upper end of the luxury

performance car market, including with advanced electric technology, thereby increasing competition. We believe that we

compete primarily on the basis of our brand image, the performance and design of our cars, our reputation for quality and the

driving experience for our customers. If we are unable to compete successfully, our business, results of operations and

financial condition could be adversely affected.

Our business is subject to changes in client preferences and trends in the automotive and luxury industries.

Our continued success depends in part on our ability to originate and define products and trends in the automotive

and luxury industries, as well as to anticipate and respond promptly to changing consumer demands and automotive trends in

the design, styling, technology, production, merchandising and pricing of our products. Our products must appeal to a client

base whose preferences cannot be predicted with certainty and are subject to rapid change. Evaluating and responding to

client preferences has become even more complex in recent years, due to our expansion in new geographical markets. The

introduction of hybrid and electric technology and the associated changes in customer preferences that may follow are also a

challenge we will face in future periods. See also “If we are unable to keep up with advances in high performance car

technology, our brand and competitive position may suffer” and “The introduction of electric technology in our cars is costly

and its long-term success is uncertain”. In addition, there can be no assurance that we will be able to produce, distribute and

market new products efficiently or that any product category that we may expand or introduce will achieve sales levels

sufficient to generate profits. Furthermore, this risk is particularly pronounced as we expand in accordance with our strategy

into adjacent segments of the luxury industry, where we do not have a level of experience and market presence comparable to

the one we have in the automotive industry. Any of these risks could have a material adverse effect on our business, results of

operations and financial condition.

Demand for luxury goods, including luxury performance cars, is volatile, which may adversely affect our operating

results.

Volatility of demand for luxury goods, in particular luxury performance cars, may adversely affect our business,

operating results and financial condition. The market in which we sell our cars is subject to volatility in demand. Demand for

luxury automobiles depends to a large extent on general, economic, political and social conditions in a given market as well

as the introduction of new vehicles and technologies. Global economic growth slowed sharply in 2022, stabilized in 2023 and

2024, and the outlook for 2025 is uncertain. Global demand for luxury good decreased in 2024. As a luxury performance car

manufacturer and low volume producer, we compete with larger automobile manufacturers many of which have greater

financial resources in order to withstand changes in the market and disruptions in demand. Demand for our cars may also be

affected by factors directly impacting the cost of purchasing and operating automobiles, such as the availability and cost of

financing, prices of raw materials and parts and components, fuel costs and governmental regulations, including tariffs,

import regulation and other taxes, including taxes on luxury goods, resulting in limitations to the use of high performance

sports cars or luxury goods more generally. Volatility in demand may lead to lower car unit sales, which may result in

downward price pressure and adversely affect our business, operating results and financial condition. The impact of a luxury

market downturn may be particularly pronounced for the most expensive among our car models, which generate a more than

proportionate amount of our profits, therefore exacerbating the impact on our results. In addition, these effects may have a

more pronounced impact on us given our low volume strategy and relatively smaller scale as compared to large global mass-

market automobile manufacturers.

The demand for our cars and the value of our brand depend in part on the value of our vehicles over time and the

automobile collector and enthusiast community.

An important factor in the connection of clients to the Ferrari brand is our strong relationship with the global

community of automotive collectors and enthusiasts, particularly collectors and enthusiasts of Ferrari automobiles. This is

influenced by our close ties to the automotive collectors’ community and our support of related events such as car shows and

driving events, including those held at our headquarters in Maranello and through our dealers, as well as our Ferrari museums

and our affiliations with regional Ferrari clubs. The support of this community also depends upon the perception of our cars

as collectibles, which we also support through our Ferrari Classiche services, and the profitable resale market for our

automobiles which encourages interest over the long-term. The increase in the number of cars we produce relative to the

number of automotive collectors and purchasers in the secondary market may adversely affect the value of our cars as

collectible items and their value in the secondary market more broadly. Additionally, the shift to hybrid and electric engine

models may impact the residual value of our cars if secondary purchases occur at higher discounts compared to our ICE

models historically. The recent trend of our customers to increase the personalization content of our new vehicles may also

adversely affect their residual value, because personalized content depreciates substantially with change of ownership.

Furthermore, our focus on continuously integrating advanced technologies into our cars may increase their risk of

obsolescence, both of which could adversely impact the demand for our cars and our brand image.

If there is a change in collector appetite or damage to the Ferrari brand, our ties to, and the support we receive from,

this community may be diminished. Such a loss of enthusiasm for our cars from the automotive collectors’ community could

adversely impact our sales and profitability and harm the perception of the Ferrari brand.

We depend on our manufacturing facilities in Maranello and Modena.

We assemble all of the cars that we sell and manufacture, and all of the engines we use in our cars, at our production

facility in Maranello, Italy, where we also have our corporate headquarters. We manufacture all of our car chassis in a nearby

facility in Modena, Italy. Our Maranello or Modena plants could become unavailable either permanently or temporarily for a

number of reasons, including contamination, power shortage or labor unrest. Alternatively, changes in law and regulation,

including export, tax and employment laws and regulations, or economic conditions, including wage inflation, could make it

uneconomic for us to continue manufacturing our cars in Italy. In the event that we were unable to continue production at

either of these facilities or it became uneconomic for us to continue to do so, we would need to seek alternative

manufacturing arrangements which would take time and reduce our ability to produce sufficient cars to meet demand.

Moving manufacturing to other locations may also affect the perception of our brand and car quality among our clients. Such

a transfer would materially reduce our revenues and could require significant investment, which as a result could have a

material adverse effect on our business, results of operations and financial condition.

Maranello and Modena are located in the Emilia-Romagna region of Italy which has the potential for seismic

activity. For instance, in 2012 a major earthquake struck the region, causing production at our facilities to be temporarily

suspended for one day. If major disasters such as earthquakes, fires, floods, hurricanes, wars, terrorist attacks, pandemics or

other events occur, our headquarters and production facilities may be seriously damaged, or we may stop or delay production

and shipment of our cars. Such damage from disasters or unpredictable events could have a material adverse impact on our

business, results from operations and financial condition.

We are subject to risks associated with climate change and other environmental impacts, as well as an increased focus of

regulators and stakeholders on environmental matters.

Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather,

such as drought, wildfires, storms, sea-level rise, flooding, heat waves and cold waves, occurring more frequently or with

greater intensity. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national and

international climate change policies and regulations.

We are subject to climate-related risks where we conduct our business. Physical impacts of climate change,

including natural disasters and adverse weather, could result in disruptions to us, our suppliers, vendors, customers and

logistics hubs. These risks may also exacerbate other risks disclosed in this “Risk Factors” section, including but not limited

to, our competitiveness, demand for our products, shifting consumer preferences, availability and price of raw materials, and

concentration of our production activities in Maranello and Modena.

The global automotive industry in particular is currently experiencing significant developments due to an increased

focus on climate change and evolving regulatory requirements relating to fuel efficiency, electrification and greenhouse gas

emissions, among others. These evolving requirements and technological changes have caused us, and are expected to

continue to cause us, to adapt and change certain aspects of our operations, our future plans and strategies and the allocation

of our resources. Failure to effectively manage these aspects may result in increased costs, reputational risks, limits in our

ability to manufacture or market certain of our products, or otherwise negatively impact our business, results of operations,

profitability and competitive position.

We have implemented many initiatives connected to our manufacturing and operating processes, including our

facilities, covering Scope 1 and Scope 2 emissions. Scope 3 Cradle to Gate emissions (indirect upstream GHG emissions)

consist mainly of raw materials, manufacturing equipment for road cars and inbound logistics thus the leverage to reduce

emissions are mainly managed by our supply chain. If the measures we have put in place are less successful than expected, or

if we are unable to assist our current and future business partners in reducing their carbon footprint or to identify and select

lower carbon intensive suppliers, we could be unable to meet the expectations of different stakeholders in terms of reductions

of our carbon footprint with the potential for adverse reputational impacts.

Additionally, our stakeholders, including our customers, employees, suppliers and investors, are increasingly

focused on environment, social and governance (“ESG”) matters. From time to time, in alignment with our sustainability

strategy, we establish and publicly announce goals and ambitions to improve our environmental performance and we have

been taking deliberate actions aimed at achieving carbon neutrality by 2030. There can be no assurance that our stakeholders

will agree with our sustainability strategy or will be satisfied with our actions in relation to these matters. Additionally, if we

fail (or are perceived to fail) to execute our sustainability strategy or achieve our environmental goals, if our sustainability

strategy or environmental goals do not meet the expectations and standards of our stakeholders, or if we improperly report

our progress in the execution of our sustainability strategy or the achievement of our environmental goals, our reputation

could be negatively impacted, causing our customers, employees, suppliers and investors to lose confidence in us and our

brand, which could negatively impact our business, access to capital or have an adverse effect on our revenues and

profitability.

A disruption in our information technology, including as a result of cybercrimes, could compromise confidential,

proprietary and sensitive information.

We depend on our information technology and data processing systems to operate our business, and a significant

malfunction or disruption in the operation of our systems, human error, interruption to power supply, or a security breach that

compromises the confidential and sensitive information stored in those systems, could disrupt our business and adversely

impact our ability to compete. A leak of proprietary technical information relating to our cars and our production processes,

for example, could cause significant competitive harm. Our ability to keep our business operating effectively depends on the

functional and efficient operation by us and our third party service providers of our information, data processing and

telecommunications systems, including our car design, manufacturing, inventory tracking and billing and payment systems.

We rely on these systems to enable a number of business processes and help us make a variety of day-to-day business

decisions as well as to track transactions, billings, payments and inventory. Such systems are susceptible to malfunctions and

interruptions due to equipment damage, power outages, and a range of other hardware, software and network problems.

Those systems are also susceptible to cybercrime, or threats of intentional disruption, which are increasing in terms of

sophistication and frequency, especially considering that such cyber incidents may remain undetected for long periods of

time. For example, in March 2023 we were the subject of a ransomware attack. Ferrari decided not to pay the ransomware,

and rejection of the ransom request led to the leak of a significant amount of customers’ personal identifiable information and

we were provided evidence of such leak with respect to several hundred customers. We notified our customers of the

potential data exposure and the nature of the incident and we have worked with third party experts to further reinforce our

systems. Future breaches may adversely affect our operations and reputation.

Additionally, a significant portion of our office personnel moved to a “remote work” model in response to the

COVID-19 pandemic and part-time remote work arrangements are currently in place for our personnel. Remote work relies

heavily on the use of remote networking and online conferencing services, which expose us to additional cybersecurity risks.

For any of these reasons, we may experience system malfunctions or interruptions.

Although our systems are diversified, including multiple server locations, several layers of cybersecurity

countermeasures and controls, a range of software applications for different regions and functions, and we periodically assess

and implement actions to reduce risks to our systems and disruptions to our information technology systems and business

continuity, a significant or large scale malfunction or interruption of our systems could adversely affect our ability to manage

and keep our operations running efficiently, and damage our reputation if we are unable to track transactions and deliver

products to our dealers and clients. A malfunction that results in a wider or sustained disruption to our business could have a

material adverse effect on our business, results of operations and financial condition. In addition to supporting our operations,

we use our systems to collect and store confidential and sensitive data, including information about our business, our clients

and our employees.

As our technology continues to evolve, we anticipate that we will collect and store even more data in the future, and

that our systems will increasingly use remote communication features that are sensitive to both willful and unintentional

security breaches. Much of our value is derived from our confidential business information, including car design, proprietary

technology and trade secrets, and to the extent the confidentiality of such information is compromised, we may lose our

competitive advantage and our car sales may suffer. We also collect, retain and use certain personal information, including

data we gather from clients for product development and marketing purposes, and data we obtain from employees. Therefore,

we are subject to a variety of ever-changing data protection and privacy laws on a global basis, including the EU General

Data Protection Regulation.

We expect that future generations of cars will feature an increasing degree of connectivity for purposes of

infotainment, safety and regulatory compliance, and the increased demand for a “connected car” has led to increased

digitization of car systems, the wide application of software, and the creation of new, fully digital mobility services. This

technology is capable of transmitting and storing an increasing amount of personal information belonging to our customers.

These new features may increase the cyber security risk of our cars. Any unauthorized access to in-vehicle information

technology systems may compromise the car security or the privacy of our customers’ information and expose us to claims as

well as reputational damage. In addition, third parties with which we contract could also be subject to external cyber-attacks.

Should the third party be connected to our system, the cyber attacker could potentially penetrate our information technology

systems. Although we prioritize cybersecurity on all of our cars and when processing personal data, any significant

compromise in the integrity of our data security could have a material adverse effect on our business.

Cybersecurity is the object of increasing regulatory updates and we will be required to keep our internal systems

updated to comply with the new rules that may come into force. For instance, pursuant to the UN-ECE regulations, we will be

required to maintain over time, and to periodically renew, the Cyber Security Management System (“CSMS”) to register and

sell our cars, as well as to demonstrate that we are able to deal with, and aware of, potential cyber risks, both for our cars and

for our enterprise. Failure to maintain the Cyber Security Management System Certification could result, for the countries

where the regulations are applicable, in impossibility to homologate and sell new vehicles.

Our success depends largely on the ability of our current management team to operate and manage effectively.

Our success depends on the ability of our senior executives and other members of management to effectively

manage our business as a whole and individual areas of the business. Most of our senior executives and employees, including

many highly skilled engineers, technicians and artisans, are required to work from our offices and production facilities in and

around Maranello, Italy. If we were to lose the services of any of these senior executives or key employees, this could have a

material adverse effect on our business, operating results and financial condition. We have developed incentive plans aimed

at retaining and incentivizing our senior executives and employees, as well as management succession plans that we believe

are appropriate in the circumstances, although it is difficult to predict with any certainty that we will replace these individuals

with persons of equivalent experience and capabilities. If we are unable to find adequate replacements or to attract, retain and

incentivize senior executives, other key employees or new qualified personnel, our business, results of operations and

financial condition may suffer.

We rely on our dealer network to provide sales and services.

We do not own our Ferrari dealers and virtually all of our sales are made through our network of dealerships located

throughout the world. If our dealers are unable to provide sales or service quality that our clients expect or do not otherwise

adequately project the Ferrari image and its aura of luxury and exclusivity, the Ferrari brand may be negatively affected. We

depend on the quality of our dealership network and our business, operating results and financial condition could be

adversely affected if our dealers suffer financial difficulties or otherwise are unable to perform to our expectations.

Furthermore, we may experience disagreements or disputes in the course of our relationship with our dealers or upon

termination which may lead to financial costs, disruptions and reputational harm.

Our growth strategy also depends on our ability to attract quality new dealers to sell our products in new areas. We

may face competition from other luxury performance car manufacturers in attracting quality new dealers, based on, among

other things, dealer margin, incentives and the performance of other dealers in the region. If we are unable to attract new

dealers in targeted growth areas, our prospects could be materially adversely affected.

Furthermore, the evolution of leading-edge technology (such as electric technology, connectivity, software, etc.) will

require significant and continuous investments (such as new tools, skills, knowledge and training) by our dealership network

to manage our new car models, including their new features and technology. If our dealers are not able to evolve and adapt

their business operations to new technology requirements, our business, operating results and financial condition could be

adversely affected, including our clients’ expectations to receive the highest qualified service.

We are exposed to risks in connection with product warranties as well as the provision of services.

A number of our contractual and legal requirements oblige us to provide extensive warranties to our clients, dealers

and national distributors. There is a risk that, relative to the guarantees and warranties granted, the calculated product prices

and the provisions for our guarantee and warranty risks have been set or will in the future be set too low. For example, we

have recently been offering on a voluntary basis warranties on the batteries for our hybrid cars. There is also a risk that we

will be required to extend the guarantee or warranty originally granted in certain markets for legal reasons, or provide

services as a courtesy or for reasons of reputation where we are not legally obliged to do so, and for which we will generally

not be able to recover from suppliers or insurers.

Car recalls may be costly and may harm our reputation.

We have in the past and we may from time to time in the future be required to recall our products to address

performance, compliance or safety-related issues. We may incur costs for these recalls, including replacement parts and labor

to remove and replace the defective parts. In addition, regulatory oversight of recalls, particularly in the vehicle safety, has

increased recently. Any product recalls can harm our reputation with clients, particularly if consumers call into question the

safety, reliability or performance of our cars. Any such recalls could harm our reputation and result in adverse publicity, lost

revenue, delivery delays, product liability claims and other expenses, and could have a material adverse impact on our

business, operating results and financial condition.

We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not

able to successfully defend or insure against such claims.

We may become subject to product liability claims, which could harm our business, operating results and financial

condition. The automobile industry experiences significant product liability claims and we have inherent risk of exposure to

claims in the event our cars do not perform as expected or malfunction resulting in personal injury or death. A successful

product liability claim against us could require us to pay a substantial monetary award. Moreover, a product liability claim

could generate substantial negative publicity about our cars and business, adversely affecting our reputation and inhibiting or

preventing commercialization of future cars, which could have a material adverse effect on our brand, business, operating

results and financial condition. While we seek to insure against product liability risks, insurance may be insufficient to protect

against any monetary claims we may face and will not mitigate any reputational harm. Any lawsuit seeking significant

monetary damages may have a material adverse effect on our reputation, business and financial condition. We may not be

able to secure additional product liability insurance coverage on commercially acceptable terms or at reasonable costs when

needed, particularly if we face liability for our products and are forced to make a claim under such a policy.

Our revenues from Formula 1 activities may decline and our related expenses may grow.

Revenues from our Formula 1 activities depend principally on the income from our sponsorship agreements and on

our share of Formula 1 revenues from broadcasting and other sources. See “Overview of Our Business—Racing—Formula

1”. If we are unable to renew our existing sponsorship agreements or if we enter into new or renewed sponsorship

agreements with less favorable terms, our revenues would decline. In addition, our share of profits related to Formula 1

activities may decline if either our team’s performance worsens compared to other competing teams, or if the overall Formula

1 business suffers, including potentially as a result of increasing popularity of other racing events. Furthermore, in order to

compete effectively on track we have been investing significant resources in research and development and to competitively

compensate the best available drivers and other racing team members. These expenses also vary based on changes in Formula

1 regulations that require modification to our racing engines and cars. These expenses are expected to continue, and may

grow further, including as a result of any changes in Formula 1 regulations, which would negatively affect our results of

operations.

Compliance with the FIA Formula One regulations, which are periodically amended by the Formula One

Commission and then approved by the FIA World Motorsport Council, requires significant changes to our racing cars,

processes and operations. If we are unable to effectively adapt our cars to comply with changes in FIA Formula One

regulations, our performance in races may suffer. These changes may result in adverse effects on our revenues and results of

operations.

Starting from 2021, new FIA Formula One financial regulations have been introduced. These provide for a cap on

spending for all chassis costs and expenses (excluding, among others, the activities to enable the supply of the current power

units, marketing costs, drivers’ salaries and the top three personnel at each team) and a similar cap was introduced also for the

development of the power units that will be used in the 2026 season and is applicable for spending that started in 2023. The

budget cap for the 2024 Formula 1 season was €148 million in relation to the development and manufacturing of the racing

car chassis and €98.5 million relating to the power units that will be used in the 2026 season. The aforementioned budget

caps on spending are defined for each season based on several factors, including the number of races and inflation. The

budget cap for the 2025 season is currently in the process of being defined but is expected to be higher than in 2024. The cap

on expenses affects the amount of resources that we are allowed to allocate to Formula 1 activities, with potential adverse

effects on our team’s performance if we are not able to optimize such resources. Because Formula 1 is key to our brand

marketing, the FIA spending cap may also adversely affect our ability to support our brand through renewed racing success.

We rely on our licensing and franchising partners to preserve the value of our licenses and the failure to maintain such

partners could harm our business.

We currently have multi-year agreements with licensing partners for various Ferrari-branded products in the sports,

lifestyle and luxury retail segments. We also have multi-year agreements with franchising partners for our Ferrari stores and

theme park. In the future, we may enter into additional licensing or franchising arrangements. Many of the risks associated

with our own products, including risks relating to the image of the Ferrari brand and its aura of exclusivity, as well as to the

demand for luxury goods, also apply to our licensed products and franchised stores. In addition, there are problems that our

licensing or franchising partners may experience, including risks associated with each licensing partner’s ability to obtain

capital, manage its labor relations, maintain relationships with its suppliers, manage its credit and bankruptcy risks, and

maintain client relationships. While we maintain significant control over the products produced for us by our licensing

partners and the franchisees running our Ferrari stores and theme parks, any of the foregoing risks, or the inability of any of

our licensing or franchising partners to execute on the expected design and quality of the licensed products, Ferrari stores and

theme park, or otherwise exercise operational and financial control over its business, may result in loss of revenue and

competitive harm to our operations in the product categories where we have entered into such licensing or franchising

arrangements. While we select our licensing and franchising partners with care, any negative publicity surrounding such

partners could have a negative effect on licensed products, the Ferrari stores and theme parks or the Ferrari brand. Further,

while we believe that we could replace our existing licensing or franchising partners if required, our inability to do so for any

period of time could materially adversely affect our revenues and harm our business.

In connection with our new lifestyle strategy, we continue to streamline our existing arrangements with licensing

partners. This may adversely affect our results from brand activities, particularly in the short to medium term while our

broader lifestyle strategy is carried out.

We depend on the strength of our trademarks and other intellectual property rights.

Given the importance of our brand’s recognition on our financial performance and strategy, we believe that our

trademarks and other intellectual property rights are fundamental to our success and market position. Therefore, our business

depends on our ability to protect and promote our trademarks and other intellectual property rights. Accordingly, we devote

substantial efforts to the establishment and protection of our trademarks and other intellectual property rights such as

registered designs and patents on a worldwide basis. We believe that our trademarks and other intellectual property rights are

adequately supported by applications for registrations, existing registrations and other legal protections in our principal

markets. However, we cannot exclude the possibility that our intellectual property rights may be challenged by others, or that

we may be unable to register our trademarks or otherwise adequately protect them in some jurisdictions, especially in those

foreign countries that do not respect and protect intellectual property rights to the same extent as do the United States, Japan

and European countries. If a third party were to register our trademarks, or similar trademarks, in a country where we have

not successfully registered such trademarks, it could create a barrier to our commencing trade under those marks in that

country.

We may fail to adequately protect our intellectual and industrial property rights against infringement or misappropriation

by third parties.

Our success and competitive positioning depend on, among other factors, our registered intellectual property rights,

as well as other industrial or intellectual property rights, including confidential know-how, trade secrets, database rights and

copyrights. To protect our intellectual property, we rely on intellectual property laws, agreements for the protection of trade

secrets, confidentiality and non-disclosure agreements, and other contractual means. Such measures, however, may be

inadequate and our intellectual property rights may be infringed or challenged by third parties, and our confidential know-

how or trade secrets could be misappropriated or disclosed to the public without our consent. Consultants, vendors and

current and former employees, for example, could violate their confidentiality obligations and restrictions on the use of

Ferrari’s intellectual property. Ferrari may not be able to prevent such infringements, misappropriations or disclosures, with

potential adverse effects on our brand, reputation and business. In particular, our components may be subject to product

piracy, where our components are counterfeited, which may result in reputational risk for Ferrari. The risks described above

arise particularly in our Brand activities (see “Overview of Our Business—Lifestyle”).

If we fail to adequately protect our intellectual property rights, this may adversely affect our results of operations

and financial condition, as other manufacturers may be able to manufacture similar products at lower cost, with adverse

effects on our competitive position. In addition, counterfeited products, or products illegally branded as “Ferrari”, may

damage our brand. In addition, we may incur high costs in reacting to infringements or misappropriations of our intellectual

property rights.

Third parties may claim that we infringe their intellectual property rights.

We believe that we hold all the rights required for our business operations (including intellectual property rights and

third-party licenses). However, we are exposed to potential claims from third parties alleging that we infringe their

intellectual property rights, since many competitors and suppliers also submit patent applications for their inventions and

secure patent protection or other intellectual property rights. If we are unsuccessful in defending against any such claim, we

may be required to pay damages or comply with injunctions which may disrupt our operations. We may also as a result be

forced to enter into royalty or licensing agreements on unfavorable terms or to redesign products to comply with third parties’

intellectual property rights.

We face risks associated with our international operations, including unfavorable regulatory, political, tax and labor

conditions and establishing ourselves in new markets, all of which could harm our business.

We currently have international operations and subsidiaries in various countries and jurisdictions in Europe, North

America and Asia that are subject to the legal, political, regulatory, tax and social requirements and economic conditions in

these jurisdictions. Additionally, as part of our growth strategy, we will continue to expand our sales, maintenance, and repair

services internationally. However, such expansion requires us to make significant expenditures, including the establishment

of local operating entities, hiring of local employees and establishing facilities in advance of generating any revenue.

Moreover, the global reach of our operations also exposes us to risks associated with changes in tariffs or other protective

trade measures. For more information regarding the risks to our business and operations posed by such measures, see “Global

economic conditions and macro events, as well as trading policies and tariffs, may adversely affect us” and “We are subject

to risks associated with exchange rate fluctuations, interest rate changes, credit risk and other market risks.” Consequently,

due to our global presence, we are subject to a number of risks associated with international business activities that may

increase our costs, impact our ability to sell our cars and require significant management attention. These risks include:

• conforming our cars to various international regulatory and safety requirements where our cars are sold, or

homologated;

• difficulty in establishing, staffing and managing foreign operations;

• difficulties attracting clients in new jurisdictions;

• foreign government tariffs and taxes, regulations and permit requirements, including foreign taxes that we may not

be able to offset against taxes imposed upon us in Italy;

• fluctuations in foreign currency exchange rates and interest rates, including risks related to any interest rate swap or

other hedging activities we undertake;

• our ability to enforce our contractual and intellectual property rights, especially in those foreign countries that do not

respect and protect intellectual property rights to the same extent as do the United States, Japan and European

countries, which increases the risk of unauthorized, and uncompensated, use of our technology;

• European Union and foreign government trade restrictions, customs regulations, tariffs and price or exchange

controls;

• foreign labor laws, regulations and restrictions;

• preferences of foreign nations for domestically produced cars;

• changes in diplomatic and trade relationships;

• political instability, natural disasters, pandemics or other widespread public health crises, war or events of terrorism;

and

• the strength of international economies.

If we fail to successfully address these risks, many of which we cannot control, our business, operating results and

financial condition could be materially harmed.

Developments in growth markets may adversely affect our business.

We operate in a number of growth markets, both directly and through our dealers, and our exposure to those markets

may increase as we may pursue expanded sales in those regions. We believe we have potential for further success in these

markets, in particular in Asia, recognizing the increasing personal wealth of consumers. While demand in these markets has

increased in recent years due to sustained economic growth and growth in personal income and wealth, we are unable to

foresee the extent to which economic growth will be sustained. For example, rising geopolitical and social tensions,

pandemics or similar public health crises, or slowdowns in the rate of growth in these markets could limit the opportunity for

us to increase unit sales and revenues in those regions in the near term.

Furthermore, in certain markets in which we or our dealers operate, required government approvals may limit our

ability to act quickly in making decisions on our operations in those markets. Other government actions may also impact the

market for luxury goods in these markets, such as tax changes or the active discouragement of luxury purchases. Consumer

spending habits in these markets may also change due to other factors that are outside of our control. For instance, in recent

years the President of the People’s Republic of China has repeatedly signaled the government’s intention to regulate the

spending patterns of individuals and families with ultra-high incomes. Resulting regulatory action or similar statements by

governmental authorities may affect the social acceptability of spending on luxury goods.

Maintaining or strengthening our position in these growth markets is a component of our global growth strategy.

However, initiatives from several global luxury automotive manufacturers have increased competitive pressures for luxury

cars in several growth markets. As these markets continue to grow, we anticipate that additional competitors, both

international and domestic, will seek to enter these markets and that existing market participants will try to aggressively

protect or increase their market share. Increased competition may result in pricing pressures, reduced margins and our

inability to gain or hold market share, which could have a material adverse effect on our results of operations and financial

condition. See also “Global economic conditions and macro events, as well as trading policies and tariffs, may adversely

affect us”.

Labor laws and collective bargaining agreements with our labor unions could impact our ability to operate efficiently.

The majority of our employees are represented by trade unions, are covered by collective bargaining agreements

and/or are protected by applicable labor relations regulations that may restrict our ability to modify operations and reduce

costs quickly in response to changes in market conditions. These regulations and the provisions in our collective bargaining

agreements may impede our ability to organize our business successfully to compete more efficiently and effectively, which

could have a material adverse effect on our results of operations and financial condition.

Improper conduct of employees, agents, or other representatives could adversely affect our reputation and our business,

operating results, and financial condition.

Our compliance controls, policies, and procedures may not in every instance protect us from acts committed by our

employees, agents, contractors, or collaborators that would violate the laws or regulations of the jurisdictions in which we

operate, including employment, foreign corrupt practices, environmental, competition, and other laws and regulations. Such

improper actions could subject us to civil or criminal investigations, and monetary and injunctive penalties. In particular, our

business activities may be subject to anti-corruption laws, regulations or rules of other countries in which we operate. If we

fail to comply with any of these regulations, it could adversely impact our operating results and our financial condition. In

addition, actual or alleged violations could damage our reputation and our ability to conduct business. Furthermore, detecting,

investigating, and resolving any actual or alleged violation is expensive and can consume significant time and attention of our

executive management.

Changes in tax, tariff or fiscal policies could adversely affect demand for our products.

Imposition of any additional taxes and levies designed to limit the use of automobiles could adversely affect the

demand for our vehicles and our results of operations. Changes in corporate and other taxation policies, including those

relating to the Patent Box tax regime in Italy, as well as changes in export and other incentives given by various governments,

or import or tariff policies, could also adversely affect our results of operations. See also “We currently benefit or seek to

benefit from certain special tax regimes, which may not be available in the future” and “Global economic conditions and

macro events, as well as trading policies and tariffs, may adversely affect us”. The impact of any such tariffs on our

operations and results is uncertain and could be significant, and we can provide no assurance that any strategies we

implement to mitigate the impact of such tariffs or other trade actions will be successful. While we are managing our product

development and production operations on a global basis to reduce costs and lead times, unique national or regional standards

can result in additional costs for product development, testing and manufacturing. Governments often require the

implementation of new requirements during the middle of a product cycle, which can be substantially more expensive than

accommodating these requirements during the design phase of a new product. The imposition of any additional taxes and

levies or change in government policy designed to limit the use of high performance sports cars or automobiles more

generally, or any decisions by policymakers to implement taxes on luxury automobiles, could also adversely affect the

demand for our cars. The occurrence of the above may have a material adverse effect on our business, results of operations

and financial condition.

If we were to lose our Authorized Economic Operator certificate, we may be required to modify our current business

practices and to incur increased costs, as well as experience shipment delays.

Because we ship and sell our cars in numerous countries, the customs regulations of various jurisdictions are

important to our business and operations. To expedite customs procedure, we obtained the European Union’s Authorized

Economic Operator (“AEO”) certificate. The AEO certificate is granted to operators that meet certain requirements regarding

supply chain security and the safety and compliance with law of the operator’s customs controls and procedures. Operators

are audited periodically for continued compliance with the requirements. The AEO certificate allows us to benefit from

special expedited customs treatment, which significantly facilitates the shipment of our cars in the various markets where we

operate. If we were to lose the AEO status, including for failure to meet one of the certification’s requirements, we would be

required to change our business practices and to adopt standard customs procedures for the shipment of our cars. This could

result in increased costs and shipment delays, which, in turn, could negatively affect our results of operations.

Our debt could adversely affect our operations and we may face difficulties in servicing or refinancing our debt.

As of December 31, 2024, our debt was €3,352 million (which includes our financial services). See “Financial

Overview—Non-GAAP Financial Measures—Net Debt and Net Industrial Debt” for additional information. Our current and

long-term debt, of which 48 percent and 58 percent bore floating rates of interest at December 31, 2024 and 2023,

respectively, requires us to dedicate a portion of our cash flow to service interest and principal payments and, if interest rates

rise, this amount may increase. In addition, our existing debt may limit our ability to raise further capital or incur additional

indebtedness to execute our growth strategy or otherwise may place us at a competitive disadvantage relative to competitors

that have less debt. To the extent we become more leveraged, the risks described above would increase. We may also have

difficulty refinancing our existing debt or incurring new debt on terms that we would consider to be commercially reasonable,

if at all.

We are subject to risks associated with exchange rate fluctuations, interest rate changes, credit risk and other market

risks.

We operate in numerous markets worldwide and are exposed to market risks stemming from fluctuations in currency

and interest rates. In particular, changes in exchange rates between the Euro and the main foreign currencies in which we

operate affect our revenues and results of operations. The exposure to currency risk is mainly linked to the differences in

geographic distribution of our sourcing and manufacturing activities from those in our commercial activities, as a result of

which our cash flows from sales are denominated in currencies different from those connected to purchases or production

activities. For example, we incur a large portion of our capital and operating expenses in Euro while we receive the majority

of our revenues in currencies other than Euro. In addition, foreign exchange movements might also negatively affect the

relative purchasing power of our clients which could also have an adverse effect on our results of operations. In 2024, the

U.S. Dollar appreciated against the Euro (going from 1.1050 U.S. Dollars for 1 Euro at December 31, 2023 to 1.0389 at

December 31, 2024), the Pound Sterling appreciated while the Japanese Yen remained substantially stable against the Euro

over the course of the year. If the U.S. Dollar or some other currencies were to depreciate against the Euro, we expect that it

would adversely impact our revenues and results of operations. Additionally, tariffs implemented by the United States could

impact the strength of the U.S. Dollar and be a further contributing factor in foreign currency exchange rates fluctuations. The

extent of adverse impacts from exchange rate fluctuations could increase if the portion of our business in countries outside of

Eurozone increases. See “Financial Overview—Trends, Uncertainties and Opportunities”.

We seek to manage risks associated with fluctuations in currency through financial hedging instruments. Although

we seek to manage our foreign currency risk in order to minimize any negative effects caused by rate fluctuations, including

through hedging activities, there can be no assurance that we will be able to do so successfully, and our business, results of

operations and financial condition could nevertheless be adversely affected by fluctuations in market rates, particularly if

these conditions persist. Moreover, the valuation of hedging instruments is influenced by the market dynamics of several

financial factors, such as exchange rates, interest rates and implied volatility, that can negatively impact our cost of hedging

and the valuation of our outstanding hedging transactions at fair value.

Additionally, changes in interest rates impact the interest costs we incur on our debt. See also “Our debt could

adversely affect our operations and we may face difficulties in servicing or refinancing our debt” and “Car sales depend in

part on the availability of affordable financing”.

Our financial services activities are also subject to the risk of insolvency of dealers and retail clients, as well as

unfavorable economic conditions in markets where these activities are carried out. Despite our efforts to mitigate such risks

through the credit approval policies applied to dealers and retail clients, there can be no assurances that we will be able to

successfully mitigate such risks, particularly with respect to a general change in economic conditions.

Car sales depend in part on the availability of affordable financing.

In certain regions, financing for new car sales has been available at relatively low interest rates for several years due

to, among other things, expansive government monetary policies. To the extent that interest rates may rise generally based on

governmental monetary policies or actions of central banks, market rates for new car financing are expected to rise as well,

which may make our cars less affordable to clients or cause consumers to purchase less expensive cars, adversely affecting

our results of operations and financial condition. Economies around the world have recently experienced significant

inflationary pressures, with inflation measures in the United States, Europe and the United Kingdom reaching levels not

recorded for several decades. In response, monetary authorities have taken anti-inflationary measures including rapid

increases in interest rates which are gradually transferring to market credit rates, although central bank rates have recently

decreased in the United States and elsewhere. If consumer interest rates increase substantially or if financial service providers

tighten lending standards or restrict their lending to certain classes of credit, our clients may choose not to, or may not be able

to, obtain financing to purchase our cars.

We may not be able to provide adequate access to financing for our dealers and clients, and our financial services

operations may be disrupted.

Our dealers enter into wholesale financing arrangements to purchase cars from us to hold in inventory or to use in

showrooms and facilitate retail sales, and retail clients use a variety of finance and lease programs to acquire cars.

In most markets, we rely either on controlled or associated finance companies or on commercial relationships with

third parties, including third party financial institutions, to provide financing to our dealers and retail clients. Finance

companies are subject to various risks that could negatively affect their ability to provide financing services at competitive

rates, including:

• the performance of loans and leases in their portfolio, which could be materially affected by delinquencies or

defaults;

• higher than expected car return rates and the residual value performance of cars they lease; and

• fluctuations in interest rates and currency exchange rates.

Furthermore, to help fund our retail and wholesale financing business, our financial services companies in the

United States also access forms of funding available from the banking system in each market, including sales or securitization

of receivables either in negotiated sales or through asset-backed financing programs. At December 31, 2024, an amount of

$1,394 million was outstanding under revolving securitizations carried out by Ferrari Financial Services Inc. See “Financial

Overview—Non-GAAP Financial Measures—Net Debt and Net Industrial Debt” for additional information. Should we lose

the ability to access the securitization market at advantageous terms or at all, the funding of our controlled or associated

finance companies would become more difficult and expensive and our financial condition may therefore be adversely

affected.

Any financial services provider, including our controlled finance companies, will face other demands on its capital,

as well as liquidity issues relating to other investments or to developments in the credit markets. Furthermore, they may be

subject to regulatory changes that may increase their costs, which may impair their ability to provide competitive financing

products to our dealers and retail clients. To the extent that a financial services provider is unable or unwilling to provide

sufficient financing at competitive rates to our dealers and retail clients, such dealers and retail clients may not have sufficient

access to financing to purchase or lease our cars. As a result, our car sales and market share may suffer, which would

adversely affect our results of operations and financial condition.

Our dealer and retail customer financing in Europe are mainly provided through Ferrari Financial Services GmbH

(“FFS GmbH”), our partnership with CA Auto Bank S.p.A. (“CA Auto Bank”), which is a fully owned subsidiary of Crédit

Agricole Consumer Finance S.A. (“CACF”) and was formerly FCA Bank S.p.A. (“FCA Bank”) and a joint venture between

CACF and FCA Italy S.p.A. (a subsidiary of Stellantis N.V. (hereinafter also “Stellantis” and together with its subsidiaries,

the “Stellantis Group”)). If we fail to maintain our partnership with CA Auto Bank, we may not be able to find a suitable

alternative partner with similar resources and experience and continue to offer financing services to support the sales of

Ferrari cars in key European markets, which could adversely affect our results of operations and financial condition.

Following the change of control that lead to the creation of CA Auto Bank through CACF’s acquisition in April 2023 of the

50 percent ownership interest in the former FCA Bank previously owned by the Stellantis Group, in November 2024 Ferrari

and CA Auto Bank, announced the renewal of their financial partnership to jointly manage FFS GmbH.

Our insurance coverage may not be adequate to protect us against all potential losses to which we may be subject, which

could have a material adverse effect on our business.

We maintain insurance coverage that we believe is adequate to cover normal risks associated with the operation of

our business. However, there can be no assurance that any claim under our insurance policies will be honored fully or timely,

our insurance coverage will be sufficient in any respect or our insurance premiums will not increase substantially.

Accordingly, to the extent that we suffer loss or damage that is not covered by insurance or which exceeds our insurance

coverage, or have to pay higher insurance premiums, our financial condition may be affected.

Risks Related to our Common Shares

The market price and trading volume of our common shares may be volatile, which could result in rapid and substantial

losses for our shareholders.

The market price of our common shares may be highly volatile and could be subject to wide fluctuations. In

addition, the trading volume of our common shares may fluctuate and cause significant price variations to occur. If the

market price of our common shares declines significantly, a shareholder may be unable to sell their common shares at or

above their purchase price, if at all. The market price of our common shares may fluctuate or decline significantly in the

future. Some of the factors that could negatively affect the price of our common shares, or result in fluctuations in the price or

trading volume of our common shares, include:

• variations in our operating results, or failure to meet the market’s earnings expectations;

• publication of research reports about us, the automotive industry or the luxury industry, or the failure of securities

analysts to cover our common shares;

• departures of any members of our management team or additions or departures of other key personnel;

• adverse market reaction to any indebtedness we may incur or securities we may issue in the future;

• actions by shareholders;

• changes in market valuations of similar companies;

• changes or proposed changes in laws or regulations, or differing interpretations thereof, affecting our business, or

enforcement of these laws and regulations, or announcements relating to these matters;

• adverse publicity about the automotive industry or the luxury industry generally, or particularly scandals relating to

those industries, specifically;

• litigation and governmental investigations; and

• general market and economic conditions.

The loyalty voting program may affect the liquidity of our common shares and reduce our common share price.

The implementation of our loyalty voting program could reduce the trading liquidity and adversely affect the trading

prices of our common shares. The loyalty voting program is intended to reward our shareholders for maintaining long-term

share ownership by granting initial shareholders and persons holding our common shares continuously for at least three years

the option to elect to receive special voting shares. Special voting shares cannot be traded and, if common shares participating

in the loyalty voting program are sold they must be deregistered from the loyalty register and any corresponding special

voting shares transferred to us for no consideration (om niet). This loyalty voting program is designed to encourage a stable

shareholder base and, conversely, it may deter trading by shareholders that may be interested in participating in our loyalty

voting program. Therefore, the loyalty voting program may reduce liquidity in our common shares and adversely affect their

trading price.

The interests of our largest shareholders may differ from the interests of other shareholders.

Exor N.V. (“Exor”) is our largest shareholder, holding approximately 24.84 percent of our outstanding common

shares and approximately 36.69 percent of our voting power (as of February 6, 2025). Therefore, Exor has a significant

influence over matters submitted to a vote of our shareholders, including matters such as adoption of the annual financial

statements, declarations of annual dividends, the election and removal of the members of our board of directors (the “Board

of Directors”), capital increases and amendments to our articles of association. In addition, as of February 6, 2025, Trust

Piero Ferrari, a Jersey trust established by Piero Ferrari, the Vice Chairman of Ferrari, holds approximately 10.56 percent of

our outstanding common shares. Piero Ferrari holds the usufruct over such shares including the right to exercise the voting

rights of such shares, corresponding to approximately 15.60 percent of voting interest in us (as of February 6, 2025). The

percentages of ownership and voting power above are calculated based on the number of outstanding shares net of treasury

shares. As a result, Piero Ferrari also has influence in matters submitted to a vote of our shareholders. Exor and Piero Ferrari

informed us that they have entered into a shareholder agreement, recently amended to reflect adherence by Trust Piero

Ferrari, pursuant to which they have undertaken to consult for the purpose of forming, where possible, a common view on the

items on the agenda of shareholders meetings. See “Major Shareholders—Shareholders’ Agreement”. The interests of Exor

and Piero Ferrari may in certain cases differ from those of other shareholders. In addition, the sale of substantial amounts of

our common shares in the public market by Trust Piero Ferrari or by Exor or the perception that such a sale could occur could

adversely affect the prevailing market price of the common shares.

We may have potential conflicts of interest with Stellantis and Exor and its related companies.

Questions relating to conflicts of interest may arise between us and Fiat Chrysler Automobiles N.V., our former

largest shareholder, renamed Stellantis N.V., in a number of areas relating to common shareholdings and management, as

well as our past and ongoing relationships. There are certain overlaps among the directors and officers of us and Stellantis.

For example, Mr. John Elkann, our Executive Chairman, is the Chairman and an executive director of Stellantis and

Chairman and Chief Executive Officer of Exor. Certain of our other directors and officers may also be directors or officers of

Stellantis or Exor, our and Stellantis’s largest shareholder. These individuals owe duties both to us and to the other companies

that they serve as officers and/or directors, which may create conflicts as, for example, these individuals review opportunities

that may be appropriate or suitable for both us and such other companies, or we pursue business transactions in which both

we and such other companies have an interest. Exor holds approximately 24.84 percent of our outstanding common shares

and approximately 36.69 percent of the voting power in us (as of February 6, 2025), while it holds approximately 14.90

percent of the outstanding common shares in Stellantis (based on Exor’s latest public filings available). The percentages of

ownership and voting power above are calculated based on the number of outstanding shares net of treasury shares. Exor also

owns a controlling interest in CNH Industrial N.V. and Iveco Group N.V., which were part of the former Fiat Group before

being spun-off several years ago. These ownership interests could create actual, perceived or potential conflicts of interest

when these parties or our common directors and officers are faced with decisions that could have different implications for us

and Stellantis or Exor, as applicable.

Our loyalty voting program may make it more difficult for shareholders to acquire a controlling interest in Ferrari,

change our management or strategy or otherwise exercise influence over us, which may affect the market price of our

common shares.

The provisions of our articles of association which establish the loyalty voting program may make it more difficult

for a third party to acquire, or attempt to acquire, control of our company, even if a change of control were considered

favorably by shareholders holding a majority of our common shares. As a result of the loyalty voting program, a relatively

large proportion of the voting power of Ferrari could be concentrated in a relatively small number of shareholders who would

have significant influence over us. As of February 6, 2025, Exor had approximately 24.84 percent of our outstanding

common shares and a voting interest in Ferrari of approximately 36.69 percent. As of February 6, 2025, Trust Piero Ferrari, a

Jersey trust established by Piero Ferrari held voting rights relating to approximately 10.56 percent of our outstanding

common shares. Piero Ferrari holds the usufruct over such shares including the right to exercise the voting rights of such

shares, corresponding to, as a result of the loyalty voting mechanism, approximately 15.60 percent of the voting power in our

shares. The percentages of ownership and voting power above are calculated based on the number of outstanding shares net

of treasury shares. In addition, Exor and Piero Ferrari informed us that they have entered into a shareholder agreement,

recently amended to reflect adherence by Trust Piero Ferrari, summarized under “Major Shareholders—Shareholders’

Agreement”. As a result, Exor and Piero Ferrari may exercise significant influence on matters involving our shareholders.

Exor and Piero Ferrari and other shareholders participating in the loyalty voting program may have the power effectively to

prevent or delay change of control or other transactions that may otherwise benefit our shareholders. The loyalty voting

program may also prevent or discourage shareholder initiatives aimed at changing Ferrari’s management or strategy or

otherwise exerting influence over Ferrari. See “Corporate Governance—Loyalty Voting Program”.

We are a Dutch public company with limited liability, and our shareholders may have rights different to those of

shareholders of companies organized in the United States.

The rights of our shareholders may be different from the rights of shareholders governed by the laws of U.S.

jurisdictions. We are a Dutch public company with limited liability (naamloze vennootschap). Our corporate affairs are

governed by our articles of association and by the laws governing companies incorporated in the Netherlands. The rights of

our shareholders and the responsibilities of members of our Board of Directors may be different from the rights of

shareholders and the responsibilities of members of board of directors in companies governed by the laws of other

jurisdictions including the United States. In the performance of its duties, our Board of Directors is required by Dutch law to

consider our interests and the interests of our shareholders, our employees and other stakeholders, in all cases with due

observation of the principles of reasonableness and fairness. It is possible that some of these parties will have interests that

are different from, or in addition to, your interests as a shareholder.

We expect to maintain our status as a “foreign private issuer” under the rules and regulations of the SEC and, thus, are

exempt from a number of rules under the Exchange Act of 1934 and are permitted to file less information with the SEC

than a company incorporated in the United States.

As a “foreign private issuer”, we are exempt from rules under the Securities Exchange Act of 1934, as amended (the

“Exchange Act”) that impose certain disclosure and procedural requirements for proxy solicitations under Section 14 of the

Exchange Act. In addition, our officers, Directors and principal shareholders are exempt from the reporting and “short-

swing” profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to

their purchases and sales of our common shares. Moreover, we are not required to file periodic reports and financial

statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange

Act, nor are we required to comply with Regulation FD, which restricts the selective disclosure of material information.

Accordingly, there may be less publicly available information concerning us than there is for U.S. public companies.

Our ability to pay dividends on our common shares may be limited and the level of future dividends is subject to change.

Our payment of dividends on our common shares in the future will be subject to business conditions, financial

conditions, earnings, cash balances, commitments, strategic plans and other factors that our Board of Directors may deem

relevant at the time it recommends approval of the dividend. Our dividend policy is subject to change in the future based on

changes in statutory requirements, market trends, strategic developments, capital requirements and a number of other factors.

In addition, under our articles of association and Dutch law, dividends may be declared on our common shares only if the

amount of equity exceeds the paid up and called up capital plus the reserves that have to be maintained pursuant to Dutch law

or the articles of association. Further, even if we are permitted under our articles of association and Dutch law to pay cash

dividends on our common shares, we may not have sufficient cash to pay dividends in cash on our common shares. We are a

holding company and our operations are conducted through our subsidiaries. As a result, our ability to pay dividends

primarily depends on the ability of our subsidiaries, particularly Ferrari S.p.A., to generate earnings and to provide us with

the necessary financial resources.

Our maintenance of two exchange listings may adversely affect liquidity in the market for our common shares and could

result in pricing differentials of our common shares between the two exchanges.

Our shares are listed on both the New York Stock Exchange (“NYSE”) and the Euronext Milan. The dual listing of

our common shares may split trading between the NYSE and the Euronext Milan, adversely affect the liquidity of the shares

and the development of an active trading market for our common shares in one or both markets and may result in price

differentials between the exchanges. Differences in the trading schedules, as well as volatility in the exchange rate of the two

trading currencies, among other factors, may result in different trading prices for our common shares on the two exchanges.

It may be difficult to enforce U.S. judgments against us.

We are organized under the laws of the Netherlands, and a substantial portion of our assets are outside of the United

States. Most of our Directors and senior management and our independent registered public accounting firm are resident

outside the United States, and all or a substantial portion of their respective assets may be located outside the United States.

As a result, it may be difficult for U.S. investors to effect service of process within the United States upon these persons. It

may also be difficult for U.S. investors to enforce within the United States judgments against us predicated upon the civil

liability provisions of the securities laws of the United States or any state thereof. In addition, there is uncertainty as to

whether the courts outside the United States would recognize or enforce judgments of U.S. courts obtained against us or our

Directors and officers predicated upon the civil liability provisions of the securities laws of the United States or any state

thereof. Therefore, it may be difficult to enforce U.S. judgments against us, our Directors and officers and our independent

registered public accounting firm.

Risks Related to Taxation

Changes to taxation or the interpretation or application of tax laws could have an adverse impact on our results of

operations and financial condition.

Our business is subject to various taxes in different jurisdictions (mainly Italy), which include, among others, the

Italian corporate income tax (“IRES”), regional trade tax (“IRAP”), value added tax (“VAT”), excise duty, registration tax

and other indirect taxes. We are exposed to the risk that our overall tax burden may increase in the future.

Changes in tax laws or regulations or in the position of the relevant Italian and non-Italian authorities regarding the

application, administration or interpretation of these laws or regulations, particularly if applied retrospectively, could have

negative effects on our current business model and have a material adverse effect on our business, operating results and

financial condition.

In order to reduce future potential disputes with tax authorities, in June 2023 we entered into an advance pricing

agreement (APA) with the tax authorities for transfer pricing on intercompany transactions between Ferrari S.p.A. and its

foreign subsidiaries. The APA covers the next 5 fiscal years and may be renewed for an additional period with the consent of

both parties.

We were admitted to the Cooperative Compliance Regime in Italy by the Italian Revenue Agency, which provides

for constant and preventive discussions between the taxpayer and the Italian tax authorities on the most significant

transactions. This admission is effective as of 2022 (the year in which the application was filed), and was preceded by the

adoption and validation by Italian tax authorities of an internal tax risk control system, referred to as the Tax Control

Framework (TCF).

In addition, tax laws are complex and subject to subjective valuations and interpretive decisions, and we will

periodically be subject to tax audits aimed at assessing our compliance with direct and indirect taxes. The tax authorities may

not agree with our interpretations of, or the positions we have taken or intend to take on, tax laws applicable to our ordinary

activities and extraordinary transactions. In case of challenges by the tax authorities to our interpretations, we could face long

tax proceedings that could result in the payment of penalties and have a material adverse effect on our operating results,

business and financial condition.

There may be potential “Passive Foreign Investment Company” tax considerations for U.S. holders.

Shares of our stock would be stock of a “passive foreign investment company”, or a PFIC, for U.S. federal income

tax purposes with respect to a U.S. holder if for any taxable year in which such U.S. holder held shares of our stock, after the

application of applicable “look-through rules” (i) 75 percent or more of our gross income for the taxable year consists of

“passive income” (including dividends, interest, gains from the sale or exchange of investment property and rents and

royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a

trade or business, as defined in applicable Treasury Regulations), or (ii) at least 50 percent of our assets for the taxable year

(averaged over the year and determined based upon value) produce or are held for the production of “passive income”. U.S.

persons who own shares of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the

income derived by the PFIC, the dividends they receive from the PFIC, and the gain, if any, they derive from the sale or other

disposition of their shares in the PFIC.

While we believe that shares of our stock are not stock of a PFIC for U.S. federal income tax purposes, this

conclusion is based on a factual determination made annually and thus is subject to change. Moreover, our common shares

may become stock of a PFIC in future taxable years if there were to be changes in our assets, income or operations.

The consequences of the loyalty voting program are uncertain.

No statutory, judicial or administrative authority directly discusses how the receipt, ownership, or disposition of

special voting shares should be treated for Italian or U.S. tax purposes and as a result, the tax consequences in those

jurisdictions are uncertain.

The fair market value of the special voting shares, which may be relevant to the tax consequences, is a factual

determination and is not governed by any guidance that directly addresses such a situation. Because, among other things, our

special voting shares are not transferable (other than, in very limited circumstances, together with the associated common

shares) and a shareholder will receive amounts in respect of the special voting shares only if we are liquidated, we believe

and intend to take the position that the fair market value of each special voting share is minimal. However, the relevant tax

authorities could assert that the value of the special voting shares as determined by us is incorrect.

The tax treatment of the loyalty voting program is unclear and shareholders are urged to consult their tax advisors in

respect of the consequences of acquiring, owning and disposing of special voting shares.

We currently benefit or seek to benefit from certain special tax regimes, which may not be available in the future.

Italian Law no. 190/2014, as subsequently amended and supplemented, introduced an optional Patent Box regime in

the Italian tax system. The Patent Box regime is a tax exemption related to, inter alia, the use of intellectual property assets.

Business income derived from the use of each qualified intangible asset is partially exempted from taxation for both IRES

and IRAP purposes. We are currently applying the Patent Box tax regime (Law No. 190/2014) for the period from 2020 to

2024, with the latter being the final year in which this regime is permitted. Law Decree No. 146 as amended by the 2022

Italian budget law, replaced the former Patent Box regime (which allowed taxpayers to exempt from corporate income tax

(IRES) and regional income tax (IRAP) up to 50% of their income derived from the direct or indirect exploitation of

intangibles) by introducing a new Patent Box regime with a 110% “super tax deduction” for research and development

expenses related to eligible intangible assets registered starting from 2021. The decree provides for a specific transitional

procedure between the two regimes. The amount of the related tax benefits (if any) that the Group may receive from the

Patent Box or other tax regimes remains subject to uncertainty.

In addition, we benefit from the measures introduced in Italy by art. 110 of Law Decree no. 104/2020, converted

into Law no.126/2020, which reopened the voluntary step up of tangible and intangible assets, with the application of a three-

percent substitutive tax rate.

Furthermore, we currently calculate taxes due in Italy based, among other things, on certain tax breaks recognized

by Italian tax regulations for R&D expenses and for the investments on manufacturing equipment.

These measures continue to mitigate the tax burden in Italy. Significant changes in regulations or interpretation

might adversely affect the availability of such exemptions and result in higher tax charges. See also “Changes to taxation or

the interpretation or application of tax laws could have an adverse impact on our results of operations and financial

condition”.

Overview

Ferrari is among the world’s leading luxury brands, focused on the design, engineering, production and sale of the

world’s most recognizable luxury performance sports cars. Our brand symbolizes exclusivity, innovation, state-of-the-art

sporting performance and Italian design and engineering heritage. Our name and history and the image enjoyed by our cars

are closely associated with our Formula 1 racing team, Scuderia Ferrari, the most successful racing team in the history of

Formula 1. From the inaugural year of Formula 1 in 1950 through the present, Scuderia Ferrari has won 248 Grand Prix

races, 16 Constructors’ World titles and 15 Drivers’ World titles. We are the only team which has taken part in all the

editions of the Championship, racing in more than 1,000 Formula 1 Grand Prix races.

We design, engineer and produce our cars in Maranello, Italy, and sell them in over 60 markets worldwide through a

network of 180 authorized dealers operating 200 points of sale as of the end of 2024.

We believe that our cars are the epitome of design, performance and driving thrills.

In 2024, we launched three new models: 12Cilindri, 12Cilindri Spider, F80.

Our current product portfolio (including cars presented in 2024, for which shipments will commence in future years)

consists of:

• seven Range, models of which: (i) one V8 internal combustion engine (“ICE”) model: Roma Spider, (ii) three V12

ICE models: Purosangue, 12Cilindri and 12Cilindri Spider, (iii) two V6 hybrid models: 296 GTB and 296 GTS, and

(iv) one V8 hybrid model: SF90 Spider;

• three Special Series models: 812 Competizione A, SF90 XX Stradale and SF90 XX Spider;

• one limited edition Icona model: Daytona SP3; and

• one Supercar model: F80 (unveiled in October 2024).

During the course of the year, we phased out the following models: Portofino M, SF90 Stradale, 812 GTS, 812

Competizione, Roma.

We also produce track cars and limited edition One-Off cars from time to time, as well as other strictly limited-series

cars that may be for track or non-track use.

The following table presents the Group’s car shipments, net revenues, Operating profit (EBIT), net profit and net

profit before income tax expense, financial (income)/expenses, net and amortization and depreciation (EBITDA) for the years

ended December 31, 2024, 2023 and 2022. For additional information regarding EBITDA, including a reconciliation of

EBITDA to net profit, as well as other non-GAAP financial measures we present, see “Financial Overview—Non-GAAP

Financial Measures”.


	For the years ended December 31,
	2024	2023	2022
	(Number of cars and € million)
Car shipments(1)	13,752	13,663	13,221
Net revenues	6,677	5,970	5,095
Operating profit (EBIT)	1,888	1,617	1,227
Net profit	1,526	1,257	939
EBITDA	2,555	2,279	1,773

_____________________________

(1) Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars.

Whilst broadening our product portfolio to target a larger customer base, we continue to pursue a low volume

production strategy in order to maintain a reputation for exclusivity and scarcity among purchasers of our cars and we

carefully manage our production volumes and delivery waiting lists to promote this reputation. We divide our regional

markets into (i) Europe, Middle East and Africa (“EMEA”), (ii) Americas, (iii) Mainland China, Hong Kong and Taiwan, and

(iv) Rest of Asia-Pacific (“APAC”), which represented respectively 45.1 percent, 29.1 percent, 8.4 percent and 17.4 percent

of units shipped in 2024. The geographic allocation of our shipments and their mix by product reflects our deliberate

allocation strategy over the lifecycle of the individual models and is generally impacted by the phase-in/phase-out pace of the

models, as well as the length of waiting lists and other market-specific factors and conditions, including our commercial

strategy and the potential for future growth.

We focus our marketing and promotion efforts on the investments we make in our racing activities and in particular,

our participation in the FIA Formula 1 World Championship with Scuderia Ferrari and the FIA World Endurance

Championship with the Ferrari Endurance Team, the former being the pinnacle of motorsport and one of the most watched

annual sports series in the world, with a cumulative TV audience of approximately 1.3 billion, 65 million average race

weekend viewership, 20 million average digital and F1 TV viewership and 94 million social media followers (Source: 2024

Liberty Investor Meeting). Although our most recent Formula 1 world title was in 2008, we continuously enhance our focus

on Formula 1 activities with the goal of improving racing results and restoring our historical position as the premier racing

team in Formula 1. We believe that these activities support the strength and awareness of our brand among motor enthusiasts,

clients and the general public. Beyond Formula 1, we engage in several other competitive motorsport events and in 2023 and

2024 we recorded victories in some of the world’s prominent endurance races, including the 24 Hours of Le Mans in 2023

(100th edition) and 2024.

Ferrari’s presence in the broader luxury landscape is key to ensure brand relevance across present and future

generations and to amplify the cultural relevance of our brand. As one of the world’s primary luxury brands, we operate in

carefully selected luxury and lifestyle categories - personal luxury goods, collectibles and experiences, the role of which is to

fuel long-term growth by broadening our customer base and expanding our unique value proposition beyond our core

business, while preserving the brand’s DNA, its heritage and values. See below “Overview of Our Business—Lifestyle”.

As part of our lifestyle activities, we launched our own Ferrari fashion collection with dedicated fashion shows in

June 2021 and we have continued with successive showcases culminating in the latest displays in February 2024 and

September 2024. We also license the Ferrari brand to a limited number of producers and retailers of luxury and lifestyle

sectors, including theme parks that, we believe, enhance the brand experience of our loyal clients and Ferrari enthusiasts. The

world of Ferrari can also be experienced in our Ferrari Museum in Maranello and in the Enzo Ferrari Museum in Modena.

Our international network of Ferrari Stores consisted of 15 Ferrari-owned directly operated stores and 2 franchised

stores as of December 31, 2024, where visitors can find our fashion collection, as well as on our website.

We will continue focusing our efforts on protecting and enhancing the value of our brand to preserve our strong

financial profile and fuel long term growth in existing and emerging markets, while expanding the Ferrari brand to carefully

selected lifestyle categories.

History of the Company

Ferrari N.V. was incorporated as a public limited liability company (naamloze vennootschap ) under the laws of the

Netherlands on September 4, 2015 with an indefinite duration. Our official seat (statutaire zetel) is in Amsterdam, the

Netherlands, and our corporate address and principal place of business are located at Via Abetone Inferiore n. 4, I-41053

Maranello (MO), Italy. Ferrari is registered with the Dutch Trade Register of the Chamber of Commerce under number

64060977. Its telephone number is +39-0536-949111. The name and address of the Company’s agent in the United States is:

Ferrari North America, Inc., 250 Sylvan Avenue, Englewood Cliffs, NJ 07632. Its telephone number is +1 (201) 816 2600.

Our company is named after our founder Enzo Ferrari. An Alfa Romeo driver since 1924, Enzo Ferrari founded his

own racing team, Scuderia Ferrari, in Modena in 1929 initially to race Alfa Romeo cars. In 1939 he set up his own company,

initially called Auto Avio Costruzioni. In late 1943, Enzo Ferrari moved his headquarters from Modena to Maranello, which

remains our headquarters to this day.

In 1947, we produced our first racing car, the 125 S. The 125 S’s powerful 12 cylinder engine would go on to

become synonymous with the Ferrari brand. In 1948, the first road car, the Ferrari 166 Inter, was produced. Styling quickly

became an integral part of the Ferrari brand.

In 1950, we began our participation in the Formula 1 World Championship, racing in the world’s second Grand Prix

in Monaco, which makes Scuderia Ferrari the longest running Formula 1 team. We won our first Constructor World Title in

1952. Our success on the world’s tracks and roads extends beyond Formula 1, including victories in some of the most

important car races such as the 24 Hours of Le Mans, the world’s oldest endurance automobile race, and the 24 Hours of

Daytona.

The Fiat group acquired a 50 percent stake in Ferrari S.p.A. in 1969 and increased its stake to 90 percent in 1988

following the death of Enzo Ferrari, with the remaining 10 percent held by Enzo Ferrari’s son, Piero Ferrari.

Ferrari became an independent, publicly traded company following its separation from FCA (following the merger

with Peugeot S.A. in January 2021, Stellantis), which was completed on January 3, 2016 (the “Separation”) and occurred

through a series of transactions including (i) an intragroup restructuring which resulted in the Company’s acquisition of the

assets and business of Ferrari North Europe Limited and the transfer by FCA of its 90 percent shareholding in Ferrari S.p.A.

to the Company, (ii) the transfer of Piero Ferrari’s 10 percent shareholding in Ferrari S.p.A. to the Company, (iii) the initial

public offering of common shares of the Company on the New York Stock Exchange in October 2015 under the ticker

symbol RACE, and (iv) the distribution, following the initial public offering, of FCA’s remaining interest in the Company to

FCA’s shareholders. On January 4, 2016, the Company also completed the listing of its common shares on the Mercato

Telematico Azionario (“MTA”, subsequently renamed Euronext Milan), under the ticker symbol RACE.

Industry Overview

Within the luxury goods market, we currently define our target market for luxury performance cars powered by

engines producing more than 500 hp and selling at a retail price in excess of Euro 180,000 (Italian market price including

VAT has been used as reference) (the “Luxury Performance Car Industry”). Historically, the growth patterns in the Luxury

Performance Car Industry have followed those in the broader luxury market relatively closely. The Luxury Performance Car

Industry is generally affected by global macroeconomic conditions and, although we and certain other manufacturers have

proven relatively resilient, general downturns can have a disproportionate impact on sales of luxury goods in light of the

discretionary nature of consumer spending in this market. Furthermore, because of the emotional nature of the purchasing

decision, economic confidence and factors such as expectations regarding future income streams as well as the social

acceptability of luxury goods may impact sales.

Following the sharp recession of 2008-2009, the Luxury Performance Car Industry has been resilient to further

economic downturns and stagnation in the broader economy, driven by an increase in new product launches. A sustained

period of wealth creation in several Asian countries and, to a lesser extent, in the Americas, has led to an expanding

population of potential consumers of luxury goods. Developing consumer preferences in the Asian markets, where the newly

affluent are increasingly embracing western brands of luxury products, have also led to higher demand for cars in our

segment, which are primarily produced by established European manufacturers. In turn, the changing demographic of

customers and potential customers is driving an evolution towards luxury performance cars also suited to an urban and more

frequent use. Additionally, the growing appetite of younger affluent purchasers for luxury performance cars has led to new

entrants to the industry, which in turn has resulted in higher sales overall in the market.

After recovering and surpassing pre-pandemic volumes in 2022, the Luxury Performance Car Industry continued to

grow in 2023 with a slight slowdown in 2024. Ferrari shipments surpassed the 2019 pre-pandemic levels in 2021 (a year

earlier than the Luxury Performance Car Industry), benefiting from actions implemented by the group to mitigate the impact

of the COVID-19 pandemic and to maintain production capacity, and our shipments have continued to grow each year in line

with our plans.

In 2023, Ferrari commenced deliveries of the Purosangue, the first four-door, four wheel-drive and four-seater

Ferrari, which continued throughout 2024 and is continuing in 2025. Given this broadening of Ferrari’s car production, the

reference Luxury Performance Car Industry in which Ferrari competes has been enlarged to include also high-riding four-

door luxury performance cars offering more than 500 hp and priced in excess of Euro 180,000 (Italian market price including

VAT as reference). This new reference market has been defined as the “Enlarged Luxury Performance Car Industry”. After

recovering and surpassing pre-pandemic volumes in 2022, the Enlarged Luxury Performance Car Industry continued to grow

in 2023 and 2024.

More than in other segments of the broader luxury market, in the Enlarged Luxury Performance Car Industry, a

significant portion of demand is driven by new product launches. The market share of individual producers fluctuates over

time reflecting the timing of product launches. New launches tend to drive sales volumes even in difficult market

environments because the novelty, exclusivity and excitement of a new product is capable of creating and capturing its own

demand from clients. The Enlarged Luxury Performance Car Industry also experienced an increased demand for

personalization and digital connectivity, with several industry players introducing customized solutions to serve local

markets.

In line with the characteristics of the market as noted above, one of the key elements driving the positive

performance of the Enlarged Luxury Performance Car Industry in 2022, 2023 and 2024 was the renewed product offering by

several competitors, despite several adverse global events like supply chain issues, rising inflation, the ongoing conflicts

between Russia-Ukraine and Israel-Hamas and the slow-down in the Mainland China, Hong Kong and Taiwan region. Most

of the producers in the Enlarged Luxury Performance Car Industry managed to navigate through these difficulties by

adjusting their supply chain policies and by revising their pricing strategies, as well as through the aforementioned renewal of

their product offerings.

Growing environmental concerns are leading to the implementation of increasingly stringent emissions regulations

and an increase in demand for both hybrid and electric vehicles. Cost and limited charging infrastructure are currently

limiting factors in the demand for electric vehicles, but advancements in battery technology in coming years are expected to

boost sales of hybrid and electric high-performance luxury vehicles, although at a slower pace compared to mass market

vehicles. The ability to combine driving experience with hybrid and electric technology will be key for the commercial

success of high-performance luxury vehicles.

As shown in the chart below, our volumes have historically proven less volatile than our competitors’. We believe

this is due to our strategy of maintaining low volumes compared to demand, as well as to the higher number of models in our

product portfolio and our more frequent product launches compared to our competitors.

• Ferrari, Luxury Performance Car Industry & Enlarged Luxury Performance Car Industry data are updated to December 31, 2024. Data is based

on units registered (in Brazil, Japan, Taiwan, United Kingdom, Canada, New Zealand, Germany, France, Switzerland, Italy, Poland, Hungary,

Czech Republic, Spain, Sweden, Netherlands, Belgium and Austria) or sold (in USA, South Korea, Mainland China, Russia, Australia, Singapore

and Indonesia). Source: USA-US Maker Data Club; Brazil-JATO; Canada-JATO; Austria-OSZ; Belgium-FEBIAC; France-SIV; Germany-KBA;

UK-SMMT; Italy-MIT; Netherlands-VWE; Poland-CEPiK; Hungary-Ministry of the Interior; Czech Republic-Cars Importers Association;

Spain-TRAFICO; Sweden-BranschData; Switzerland-ASTRA; Mainland China-China Automobile Industry Association-DataClub & insurance

data provided by Jato; Russia-AEBRUS; Taiwan-Ministry of Transportation and Communications; Australia-VFACTS-S; Japan-JAIA;

Indonesia-GAIKINDO; New Zealand-VFACTS; Singapore-LTA, MTA (Land Transport Authority, Motor Trader Associations); South Korea-

KAIDA.

• We identify the Luxury Performance Car Industry to include all two-door luxury sports cars with power above 500 hp, and retail price above

Euro 180,000 (Italian market price including VAT as reference) sold by Aston Martin, Audi, Bentley, BMW, Ferrari, Ford, Honda/Acura,

Lamborghini, Maserati, McLaren, Mercedes Benz, Porsche and Rolls-Royce.

• With the Purosangue, Ferrari entered a new segment of four-door and four-wheel drive high performance vehicles. As a result, in addition to the

Luxury Performance Car Industry historically considered, we also identified the Enlarged Luxury Performance Car Industry: a broader market

segment which also includes high-riding four door luxury performance cars offering more than 500 hp and priced in excess of Euro 180,000

(Italian market price including VAT as reference), mostly sold by the same aforementioned competitors with the addition of Land Rover.

• Ferrari data based on internal information for the 25 Top Countries (excluding Middle East countries) for Ferrari annual registrations and sales

(which accounted for approximately 90% of the total Ferrari shipments in 2024).

In 2024, Ferrari’s volumes in the largest 25 markets increased compared to 2023, primarily driven by the

contribution from our enlarged product range.

The charts below set forth our market shares in 2024 based on volumes in our largest 25 markets by geographical

area.

• In 2024, we had a market share of 23% in the Luxury Performance Car Industry, which is our historic reference

market.

• In 2024, we had a market share of 14% in the Enlarged Luxury Performance Car Industry, in which also high riding

four-door luxury performance cars are included.

• Ferrari, Luxury Performance Car Industry & Enlarged Luxury Performance Car Industry data are updated to December 31, 2024. Data is based

on units registered (in Brazil, Japan, Taiwan, United Kingdom, Canada, New Zealand, Germany, France, Switzerland, Italy, Poland, Hungary,

Czech Republic, Spain, Sweden, Netherlands, Belgium and Austria) or sold (in USA, South Korea, Mainland China, Russia, Australia, Singapore

and Indonesia). Source: USA-US Maker Data Club; Brazil-JATO; Canada-JATO; Austria-OSZ; Belgium-FEBIAC; France-SIV; Germany-KBA;

UK-SMMT; Italy-MIT; Netherlands-VWE; Poland-CEPiK; Hungary- Ministry of the Interior; Czech Republic-Cars Importers Association;

Spain-TRAFICO; Sweden-BranschData; Switzerland-ASTRA; Mainland China-China Automobile Industry Association-DataClub & insurance

data provided by Jato; Russia-AEBRUS; Taiwan-Ministry of Transportation and Communications; Australia-VFACTS-S; Japan-JAIA;

Indonesia-GAIKINDO; New Zealand-VFACTS; Singapore-LTA, MTA (Land Transport Authority, Motor Trader Associations); South Korea-

KAIDA

• We identify the Luxury Performance Car Industry to include all two-door luxury sports cars with power above 500 hp, and retail price above

Euro 180,000 (Italian market price including VAT as reference) sold by Aston Martin, Audi, Bentley, BMW, Ferrari, Ford, Honda/Acura,

Lamborghini, Maserati, McLaren, Mercedes Benz, Porsche and Rolls-Royce. Ferrari is market leader in several countries, including Italy, France,

Japan, Mainland China, Singapore and South Korea among others.

• With the Purosangue, Ferrari entered in a new segment of four-door and four-wheel drive high performance vehicles. As a result, in addition to

the Luxury Performance Car Industry historically considered, we also identified the Enlarged Luxury Performance Car Industry: a broader market

segment which also includes high-riding four-door luxury performance cars offering more than 500 hp and priced in excess of Euro 180,000

(Italian market price including VAT as reference), mostly sold by the same aforementioned competitors with the addition of Land Rover. With

respect to the Enlarged perimeter, Ferrari maintains its leadership in Italy, Singapore and Japan among others.

• Ferrari data based on internal information for the 25 Top Countries (excluding Middle East countries) for Ferrari annual registrations and sales

(which accounted for approximately 90% of the total Ferrari shipments in 2024).

While we monitor our market share as an indicator of our brand appeal, we do not regard market share as

particularly relevant as compared to other segments of the automotive industry. We are not focused on market share as a key

performance metric. Instead, we deliberately manage our supply relative to demand, to defend and promote our brand

exclusivity and premium pricing.

Competition

Competition in the Enlarged Luxury Performance Car Industry is concentrated in a limited number of producers,

including both large automotive companies that own luxury brands as well as small producers exclusively focused on luxury

cars, like us. Our main competitors are Lamborghini, McLaren, Aston Martin, Rolls-Royce and Bentley, as well as Porsche,

Mercedes, Audi, BMW and Land Rover in certain segments of the market, and may vary based on the technical

characteristics and target customer segment for each model.

Competition in the Enlarged Luxury Performance Car Industry is primarily driven by the strength of the brand and

the appeal of the products in terms of performance, driving thrills, styling and innovation as well as by the manufacturers’

ability to regularly renew their product offerings to continue to stimulate customer demand.

Competition among similarly positioned luxury performance cars is also driven by price and total cost of ownership.

Resilience of the car value after a period of ownership is an important competitive dimension among similarly positioned

luxury cars, because higher resilience decreases the total cost of ownership and promotes repeat purchases: we believe this is

a strong competitive advantage of Ferrari cars.

Overview of Our Business

Sports Car Line-Up

In 2024 , we launched three new models: 12Cilindri, 12Cilindri Spider, F80.

Our current product portfolio (including cars presented in 2024, for which shipments will commence in future years)

consists of:

• seven Range, models of which: (i) one V8 internal combustion engine (“ICE”) model: Roma Spider, (ii) three V12

ICE models: Purosangue, 12Cilindri and 12Cilindri Spider, (iii) two V6 hybrid models: 296 GTB and 296 GTS, and

(iv) one V8 hybrid model: SF90 Spider;

• three Special Series models: 812 Competizione A, SF90 XX Stradale and SF90 XX Spider;

• one limited edition Icona model: Daytona SP3; and

• one Supercar model: F80 (unveiled in October 2024).

During the course of the year, we phased out the following models: Portofino M, SF90 Stradale, 812 GTS, 812

Competizione, Roma.

We also produce track cars and limited edition One-Off cars from time to time, as well as other strictly limited-series

cars that may be for track or non-track use.

Our diversified product offering may include different architectures (such as front-engine and mid-rear engine),

engine sizes (V6, V8 and V12), technologies (natural aspirated, turbo-charged, hybrid), body styles (such as coupes, spiders,

targa and 4-doors) and seats (2 seaters, 2+ seaters, 4 seaters).

We target end clients seeking high performance cars with distinctive design, state-of-the-art technology and

outstanding driving dynamics to maximize driving emotions. Our broad product portfolio is designed to fulfill the strategy of

“different Ferrari for different Ferraristi, different Ferrari for different moments”, which means being able to offer a highly

differentiated product line-up that can meet the varying needs of current and new customer segments (in terms of sportiness,

comfort, on-board space and design, amongst others) and that can allow our existing clients to use a Ferrari in various

moments of their lives. We believe that our clients can be divided into two main categories: on the one hand, the “Sports Car

Driver”, a client looking for an elegant and understated design, who likes driving cars in a variety of locations and conditions,

alone or with passengers, and who uses Ferrari for longer journeys; on the other hand, the “Pilot”, a client looking for a high

performing and extreme sports car, who intends to drive cars on track and on challenging roads, and who is looking for an

exciting driving experience.

We are also actively engaged in after sales activities driven, among other things, by the objective of preserving and

extending the market value of the cars we sell. We believe our cars’ performance in terms of value after a period of

ownership significantly exceeds that of any other brand in the luxury car segment, particularly for models whose volumes are

strictly limited (e.g. Special Series, Icona, Supercars). High residual value is important to the primary market because clients,

when purchasing our cars, take into account the expected resale value in assessing the overall cost of ownership.

Furthermore, a higher residual value potentially lowers the cost for the owner to switch to a new model thereby supporting

client loyalty and promoting repeat purchase.

The following chart shows the percentage of our unit shipments(1) by pillar(2) for the years ended December 31, 2024,

2023 and 2022:

(1)Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars.

(2)There were no shipments of Supercars during the period from 2022 to 2024.

The following chart shows the percentage of our unit shipments(1) by geographic market for the years ended

December 31, 2024, 2023 and 2022:

(1)Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars.

See also “Financial Overview—Trends, Uncertainties and Opportunities—Shipments”.

The following chart shows the percentage of our unit shipments(1) by engine type for the years ended December 31,

2024, 2023 and 2022:

(1)Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars.

Range

Our Range line comprises products designed for both our Pilot and our Sports Car Driver clients.

Range models designed for Pilot clients are characterized by compact bodies, a design guided by performance and

aerodynamics, that often benefit from technologies initially developed for our Formula 1 single-seaters or other racing

activities. They favor performance over comfort, seeking to provide the driver with an immediate response and superior

handling, leveraging state-of-the-art vehicle dynamics, components and controls. Following the phasing out of the SF90

Stradale and of the 812 GTS, we currently offer the following models: the SF90 Spider, one of our first series production cars

featuring PHEV technology that combines a V8 engine (780 hp) with three electric motors allowing the car to reach 1,000 hp;

the 296 GTB and the 296 GTS, which also feature PHEV technology and are powered by the first 6-cylinder engine installed

on a Ferrari road car producing 830 hp of total power output delivered by the new 120° V6 engine (663 hp), coupled with an

electric motor capable of delivering a further 122 kW (167 hp) – an unprecedented performance for a V6 car.

Range models designed for Sports Car Driver clients, which also exhibit the performance expected of a Ferrari, are

characterized by more refined interiors with a higher focus on comfort and on-board life quality. Following the phasing out of

the Portofino M and the Roma, we currently offer four such models: one model equipped with our V8 engine; the Roma

Spider (620 hp), and three models equipped with our V12 naturally aspirated engine, the Purosangue (725 hp), launched in

September 2022, and the 12Cilindri (830 hp) and the 12Cilindri Spider (830 hp), both launched in May 2024.

Special Series

From time to time, we also design, engineer and produce Special Series cars which can be limited in time or volume

and are usually based on some of our Range models but introduce novel product concepts. These cars are characterized by

significant modifications designed to enhance performance and driving thrills. Our Special Series cars are particularly

targeted to collectors and, from a commercial and product development standpoint, they facilitate the transition from existing

to new Range models. In 2021, we launched the 812 Competizione, shipments of which started in 2022, and the 812

Competizione A, for which shipments started in 2023. The 812 Competizione and the 812 Competizione A, respectively a

coupe and a targa, both feature 830 hp V12 engines. The 812 Competizione was phased out throughout the course of 2024. In

2023, we launched the SF90 XX Stradale and SF90 XX Spider, the new pinnacle of performance and technological content,

and the first XX street legal cars. The coupè reaches 0-100 km/h in 2.3 seconds and 0-200 km/h in 6.5 seconds, and set the

Fiorano lap time record for street legal cars with 1 minute and 17.3 seconds. Shipments of both models started in 2024.

Icona

In September 2018, we introduced a new pillar of our product portfolio: the Icona, a unique concept that takes

inspiration from the iconic concepts of our history and reinterprets them in a modern way, pairing timeless design with state-

of-the-art materials and technology. The first example of this strictly limited edition product line-up is the Ferrari Monza

SP1/SP2, which is inspired by the classic collectible barchetta cars (like the 750 Monza and 860 Monza for example), and

currently out of production. In 2021, the Daytona SP3 was unveiled. This limited edition targa takes inspiration from

legendary Ferrari sports prototypes of the 1960s (historically equipped with a naturally aspirated V12 engine, mid-rear-

mounted in typical racing car style). The Daytona SP3 follows the same approach and its power unit delivers 840 hp – along

with 697 Nm of torque and maximum revs of 9500 RPM – making it the most powerful naturally aspirated road engine ever

built by Ferrari.

Supercars

In line with our tradition of Supercars starting with the GTO (288 GTO) in 1984, and including the F40 in 1987, the

F50 in 1995, the Enzo in 2002, the LaFerrari in 2013, and the LaFerrari Aperta in 2016, we continue to produce limited

edition Supercars - our latest is the F80, launched in October 2024. These are the highest expression of Ferrari road car

performance at the time and are often the forerunners of technological innovations for future Range models, with innovative

features and futuristic design.

Track cars

We also develop special track racing cars that are based on our range and special series models. These cars are not

registered for use on the road and may only be used on track in competitive and non-competitive race events, including for

our XX Programme, Ferrari Challenge, F1 Clienti and Sport Prototipi.

One-Offs

In order to meet the varying needs of our most loyal and discerning clients, we also produce a very limited number

of One-Off models. While based on the chassis and equipped with engines of one of the current models for homologation and

registration purposes, these cars reflect the exact exterior and interior design specifications requested by the clients, and are

produced as a single, unique car. Some of the most iconic models emerged from our One-Off program include the SP12 EC

(inspired by the 512 BB and created in 2011), the F12 TRS (a radical two-seat roadster created on the platform of the F12

Berlinetta in 2014), the Ferrari SP38 (a superlative mid-rear V8 turbo taking inspiration from the legendary Ferrari F40), the

458MM Speciale (the last mid rear model with a V8 naturally aspirated engine in 2016), the Ferrari P80/C, a real track car

taking inspiration from past Ferrari Sport Prototipo models, and the Ferrari Omologata, based on the 812 Superfast V12

platform. The last models include the BR20, a very elegant V12 based on the GTC4 Lusso and produced in 2021, and the

SP48 Unica, based on the F8 Tributo, and SP51, based on the 812 Superfast but with an open-air configuration, both

launched in 2022. In 2023, we produced the KC23, a non-homologated car based on the 488 GT3 and featuring a futuristic

design, as well as the SP-8, which is based on the F8 Tributo and features a particular targa design and visible carbon fiber in

the front part of the car.

In addition to the aforementioned cars, from time to time we present other strictly limited-series cars that may be for

track or non-track use.

The following chart shows our product offering’s strategic pillars in terms of their appeal to Ferraristi and collectors

respectively.

Personalization Offer

Each Ferrari represents a masterpiece of engineering and design, enhanced by a multitude of personalization options

available through our exclusive product portfolio. Among the primary elements, which are continually expanding, are the

range of body-color paints, exclusive livery designs that add a refined touch and better define the car’s character, an

increasing selection of leather and Alcantara colors for the interiors, carbon fiber components in various color variations,

titanium exhaust systems, parking cameras, dual-mode suspension, and state-of-the-art high-fidelity audio systems.

Through the “Special Equipment & Atelier” program, our specialists guide the client in creating a highly

personalized car with a continuously growing and enriching array of options, ensuring a unique experience. These options

include special paints created specifically at the client’s request, custom liveries, and exterior accents designed to define the

car’s character in line with the owner’s lifestyle and driving preferences, colored and transitional carbon fiber elements in

dual glossy/matte finishes for both the exterior and interior, personalized stitching and embroidery details, and luggage sets

designed to perfectly match the car’s interior.

In 2024, we launched a new project where Atelier specialists not only consult clients in our Personalization Centers

but also during dealership visits and other marketing platforms (for example Universo Ferrari). The aim of this initiative is to

strengthen relationships with our clients by getting closer to them, while also training the network and enhancing the

experience of both Ferrari dealers and clients.

During the 2024 F1 Grand Prix in Miami, we presented two stunning 296 GTS Assetto Fiorano models, adorned

with special liveries in the historic Azzurro Dino and Azzurro LaPlata colors. We also launched the new 12Cilindri, an

elegant Gran Turismo that pays homage to the tradition of naturally aspirated V12 engines, offering several design

suggestions on how to personalize the car.

Moreover, with the launch of the new Ferrari F80, we expanded our portfolio by introducing a hybrid supercar that

redefines the concept of performance, customizable through the “Tailor Made” program with exposed carbon fiber, available

in 26 different color finishes.

The “Tailor Made” program elevates personalization to a higher level, with the assistance of a dedicated Ferrari

designer who guides the client in selecting exclusive materials such as cashmere, denim, and innovative fibers for their car.

The three collections - Scuderia, Classica, and Inedita - continue to represent the brand’s essence, celebrating sporting

history, traditional style, and experimental innovation, respectively.

Finally, the “One-Off” program offers the pinnacle of exclusivity, allowing clients to design a unique car

personalized down to the smallest detail. See “One Offs” above for additional details.

Design

Design is a fundamental and distinctive aspect of our products and our brand. The design of a Ferrari is a structural

part of our innovation process, and everything we do to develop the lines of our cars is functional to increase their

performance and driving thrills. Our designers, modelers and engineers work together to create car bodies that incorporate the

most innovative aerodynamic solutions in the sleek and powerful lines typical of our cars. The interiors of our cars seek to

balance functionality, aesthetics and comfort. Cockpits are designed to maximize the driving experience, tending towards

more sporty or more comfortable depending on the model. The interiors of our vehicles boast elegant and sophisticated trims

and details that enhance the ergonomic layout of all main controls, many of which are clustered on the steering wheel. A

guiding principle of our design is that each new model represents a clear departure from prior models and introduces new and

distinctive aesthetic elements, delivering constant innovation within the furrow of tradition.

For the design of our cars we have relied historically on Italian coachbuilders such as Carrozzeria Touring, Vignale,

Scaglietti and Pininfarina. These partnerships helped Ferrari in defining its design language at the forefront of design

advance. Throughout the years this area of excellence has been recognized repeatedly by a long series of awards being

bestowed upon Ferrari cars.

In 2010 we established the Ferrari Design Centre, our in-house design department, with the objective of improving

control over the entire design process and ensuring long-term continuity of the Ferrari style. The mission of the Ferrari

Design Centre is to define and evolve the stylistic direction of the marque, imprinting all new products with a modern stamp,

according to a futuristic, uncompromised vision. The name and logo “Ferrari Design” denotes all concepts and works of the

Ferrari Design Centre (see “—Intellectual Property”). The Ferrari Design Centre handles all aspects of automotive styling

for the Ferrari road cars product range, encompassing the styling of all bodywork, external components and interior trim,

applied to series production models for the Range, Special Series, Supercars, Icona, One-Offs, concept cars and some track-

only models. The Ferrari Design Centre also includes a Color & Trim unit which manages the choice of materials and

finishes for both exterior and interior trim and, in addition, is responsible for the Tailor Made program in conjunction with the

Product Marketing department. The Ferrari Design Centre is also often involved in the styling and conceptual definition of

Ferrari branded products produced by our licensees (see “—Lifestyle”). In 2019, we created the Advanced Design team, a

laboratory that aims at defining the brand’s design vision, developing new concepts and formal languages through so far

unexplored methods and tools, and trying to achieve simplification and formal purity while staying true to the Ferrari DNA

which has characterized its history.

The Ferrari Design Centre is organized as an integrated automotive design studio, employing a total workforce of

approximately 60 employees (including designers, 3D surfacing operators, physical modelers and graphic artists), as well as

contractors. It operates a modeling studio fully equipped with 5-axis milling machines with the capacity to develop various

full-scale models (interior and exterior) in parallel.

In September 2018, we opened a new building for the Ferrari Design Centre, which is our first facility fully

dedicated to our in-house design department. The new building hosts two Ateliers and the Tailor Made department to engage

clients with Ferrari’s rich personalization services.

During its 15 year history, the Ferrari Design Centre has designed the majority of our cars, including our entire

current line-up, and has received many prestigious design awards for their design. The following is a list of the awards won in

the last 2 years:

• Ferrari 296 GTB: Performance Car of the Year - Car&Driver USA (2024);

• Ferrari Vision GT: iF Design Award (2024);

• Ferrari Roma Spider: iF Design Award (2024); Red Dot Best of The Best (2024);

• Ferrari KC23: iF Design Award(2024); Red Dot Design Award (2024);

• Ferrari SF90 XX Stradale/Spider: iF Design Award (2024); Red Dot Design Award (2024);

• Ferrari Purosangue: Compasso d’Oro ADI (2024);

• Centro Stile Ferrari and Flavio Manzoni: Awards 2024-Salone Auto Torino; Italian Design Week Awards (2024);

• Ferrari 12Cilindri: Luxury Car of the Year - The Motor Awards (2024); Design Prix- Automobile Awards (2024);

• Ferrari Purosangue: Car Design Award (2023); Red Dot Best of The Best Award (2023); iF Design Award (2023);

EyesOn Design Award - Best Production Vehicle (2023); AUTONIS Award- Auto Motor und Sport (2023);

• Ferrari Vision Gran Turismo: Red Dot Best of The Best Award (2023);

• Ferrari 296 GTS: Red Dot Design Award (2023);

• Ferrari Daytona SP3: iF Design Award (2023);

• Ferrari Roma Spider: AUTONIS Award - Auto Motor und Sport (2023); Sunday Times - Dream Car Award (2023);

• Ferrari Design Centre: Car Design Award 2023 – Ferrari brand design language (2023).

The multi-year collaboration with the creative collective LoveFrom, which started in September 2021, continues

today and the partnership brings together Ferrari’s legendary performance and excellence and LoveFrom’s experience and

creativity that has defined extraordinary world changing products.

Product Development and Technological Innovation

Our development efforts take into account the three pillars of competitive advantage of Ferrari cars: design,

performance and driving thrills.

Design – sight is the first sense to enjoy a Ferrari and the design of a Ferrari is a structural part of our innovation

process. We develop the design of our cars to increase their performance and driving thrills.

Performance – features such as power, aerodynamics, weight, driveline and mechatronics all contribute to

determine the lap time on track. We strive to ensure that every Ferrari is the best performing car in its segment.

Driving thrills – a key differentiator of Ferrari cars. There are five main elements to driving thrills: longitudinal

acceleration, lateral acceleration, braking, gear change and sound.

Innovation Principles

Our goal with innovation is to enhance the performance and driving thrills of our cars. The unique Ferrari way of

developing a car involves the following main elements:

• leveraging on Formula 1 and racing-specific know-how;

• prioritizing innovations in core hardware and software, including through open innovation;

• tailoring existing solutions available on the market; and

• developing distinctive and iconic components.

In addition to these internally driven factors, regulation is key in determining the direction of innovation.

Furthermore, being prepared for change is part of our DNA, and climate change is a further stimulus for us to

innovate. In the near future, we expect Ferrari’s innovation program to be focused not only on electric transition but also on

innovative materials, alternative fuels, lubricants and coolants, as well as on aerodynamics.

In this regard, we have placed significant focus on introducing new materials, such as recycled aluminum, for which

CO2 emissions could be reduced by up to 90%, and we are working with partners on the use of alternative fuels, such as

hydrogen, E-Fuels, coolants and lubricants which would allow us to reduce emissions while continuing to use internal

combustion engines that preserve our heritage.

Our goal is to find technological solutions that will allow us to be compliant with applicable regulations, without

penalizing the performance and driving thrills of our cars.

Key Features of our Offer

Three Powertrains with Distinctive Driving Emotions

Ferrari engines are characterized by prime performance in a key parameter for cars’ engines: specific power (power

for displacement and power for mass/weight). We intend to broaden the powertrain offering to include full electric, hydrogen

and other technologies as well as the internal combustion engine (ICE) which continues to represent Ferrari’s heritage.

Ferrari targets a well-diversified product portfolio, composed of ICE, hybrid engines and full electric engines, each

one delivering distinctive driving emotions.

• ICE – Ferrari will continue to pursue the internal combustion engine evolution and will develop solutions in energy

efficiency and alternative fuels to build on an essential part of the Company’s heritage, including with the support of

partners where appropriate.

• Hybrid – our cars have shown that hybrid (HEV and PHEV) is the right technology for increasing pure performance,

and we have taken advantage of the technology transfer from the racing world. Ferrari firmly believes that the

hybrid powertrain can further increase performance, as evidenced by the four hybrid cars currently in our product

portfolio.

• Electric – leveraging strong commonalities with the internal combustion engine, including technology transfer from

the racing world, precision mechanics, fluid-dynamics and performance software, electric technology will also

provide unique elements, driving emotions and the thrills of a true Ferrari.

The worlds of electric and combustion engines have many similarities, including:

• the racing world - Formula 1 and other racing competitions were and will be the starting point for the development

and test of new contents to use on our range cars. For instance, the architecture of our electric engine is racing

derived; but the challenge has been to industrialize that engine, in order to move from unitary production to that of

thousands of units. A challenge that we have met thanks to the precision mechanics know-how already existing in

Maranello;

• the fluid dynamics - cooling systems are key to, among other things, the performance and durability of electric

engines. We use our know-how on combustion engine cooling systems to develop the best and most efficient

solutions for our future electric engines; and

• the performance software - the performance software, as we apply everything we have learned over the years in the

combustion world to the new challenges of the electrification era.

Ferrari Dynamic and Sensors

Sensors and the relevant know-how built over decades contribute to the driving thrills and performance, as well as

reliability and car safety.

Our first sensor, a position sensor, was adopted in 1980 on the Ferrari 308GTBi. Now, a Ferrari car can have

hundreds of sensors, including accelerometers, gyroscopes, microphones, and others, which improve vehicle dynamics as

well as performance and driving thrills.

In the near future, our cars will be equipped with new sensors that will allow us to further improve the existing

features and enable new functions, and that will play a fundamental role on battery management, increasing the life of the

battery as well as the safety of our cars. Longer term, new sensors technology will allow for new applications and a step-up in

performance.

By combining sensors and software, it will be possible to further improve the performance and driving thrills of our

cars. For example, comparing a Ferrari with a 6D sensor and one without it, we have reduced our braking distance by

approximately 10% thanks to the information collected through accelerometers, gyroscopes, and the deep control vehicle

software know-how. Another example is the FAST (“Ferrari Active Suspension Technology”), a technology first introduced

on the Purosangue that enables our cars to apply the best suspension for every driving condition by keeping the vehicle body

at the best elevation for riding. FAST controls body roll in corners as well as the tire contact patch over high-frequency

bumps.

Architecture

The other principal technical area we are focusing on is architecture. Our architecture covers all principal technical

specifications of future Ferrari models. We expect that innovation requirements will arise principally from: the evolution of

engine families; the level of hybridization and electrification; modes of traction; the number of seats up to a real four-seater;

and the body style, which will vary much more significantly than in the past.

We expect that our core architectures will be the rear‑mid‑engine architecture and the front‑mid‑engine architecture,

each comprising several variants.

Autonomous driving and connectivity

While we do not intend to develop self-driving cars, we will adopt certain features of autonomous driving

technology in response to regulatory developments and customer preferences, especially in the Range segment. For example,

in 2018 we launched initial functionalities for Advanced Driving Assistant Systems (ADAS) such as predictive braking and

automatic cruise control on current models, and further innovations will be introduced in future models.

Ferrari is carefully monitoring the evolution of autonomous driving technologies, including sensors, new chips,

artificial intelligence and connectivity, and we will select and customize those innovations compatible with the Ferrari

experience and the highest security standards. These technologies combined with the hybridization and the incoming

cybersecurity requirements will also have an important impact on the electronic architecture of our cars and we are presently

developing our future electrical and electronic architecture to take into account these requirements.

“Make or buy” approach

Ferrari will continue to develop and produce its core components in-house with a strong focus on innovation, while

co-developing and tailoring best-in-class existing solutions with selected partners. Strategic partnerships in non-core

hardware and software areas will provide access to state-of-the-art technologies, helping to maintain a disciplined approach

towards investment whilst enhancing design, performance and driving thrills.

Manufacturing

Our production facilities are located in Maranello and in Modena, Italy (see “—Properties”). Our production

processes include supply chain management and production of cars in our Range models and Special Series, as well as

assembly of prototypes and avanseries.

Notwithstanding the low volumes of cars produced, our production process requires a great variety of inputs (over

70,000 product identifier codes sourced from approximately 500 total suppliers) entailing complex supply chain management

to ensure continuity of production. Our stock of supplies is warehoused in or near Maranello, and its management is

outsourced to a third party logistics company.

Production of our cars starts with the aluminum bodyworks at our plant in Modena (Carrozzeria Scaglietti) and the

remainder of the manufacturing process takes place at our plant in Maranello, including aluminum alloy casting in our

foundry, engine construction, mechanical machining, painting, car assembly and bench testing. All parts and components not

produced in house at Ferrari are sourced from our panel of suppliers (see “—Procurement”).

In recent years we have made significant investments in our manufacturing facilities. Equipment may require

substantial investment with the introduction of new models or to maintain state-of-the-art technology, particularly in the case

of shell tools for the foundry, tools for machining, feature tools for body welding and special mounting equipment for the

assembly. Since 2021 we have been acquiring additional resources and production equipment, mainly in relation to Battery

Electric Vehicles (“BEVs”), to successfully manage the new technological advancements and related challenges resulting

from the transition to electrification. Our BEVs and related components are produced in our e-building, a strategic asset that

was inaugurated in June 2024. For additional information relating to our e-building see “—Properties”)

As at December 31, 2024 , our production processes employed 1,797 engineers, technicians and other personnel (184

white collar employees and 1,613 blue collar, of which 443 were agency production workers). Our flexible production

structure and organization allow us to adjust and increase our production capacity to accommodate our expected production

requirements. This is primarily due to the low volume of cars we produce per year and to our highly skilled and flexible

employee base that can be deployed across various production areas, as well as to our new e-building, which is based on the

concept of flexibility. In addition, we can adjust our make-or-buy strategies to address fluctuations in the level of demand on

our internal production resources. We constantly work to increase the utilization rate and reduce the internal scrap rate and

we closely monitor an index of our production efficiency. We are also ambitious to continually improve the reliability of our

cars, reducing defects, and optimize finishing.

Unlike most low volume car producers, we operate our own foundry and machining department producing several of

the main components of our engines, such as engine blocks, cylinder heads and crankshafts. We believe this accelerates

product development and results in components that meet our specifications more closely.

Engine Production

Our engines are produced according to a vertical structure, from the casting of aluminum in our foundry up to the

final assembly and testing of the engine. Several of the main components of our engines, such as blocks and cylinder heads

are produced at our foundry in Maranello. For this purpose, we use a special aluminum alloy that includes seven percent

silicon and a trace of iron, which improves mechanical integrity, as well as our own shell and sand casting molds. Once all

components are ready, engines are assembled on different lines for our V12 engines, our V8 and V6 engines. The assembly

process is a combination of automatic and manual operations. At the start of the assembly process, each engine is identified

with a barcode and operations are recorded electronically. Every engine goes to the test benches to ensure it delivers the

expected performance: approximately 90 to 95 percent of engines are cold tested and approximately 5 to 10 percent of

engines are also hot tested and measured for power and torque.

Body Assembly

In parallel with the assembly of our engines, we prepare our body-shells at our body shop Carrozzeria Scaglietti in

Modena. At Carrozzeria Scaglietti we have two different production lines dedicated to the assembly of our aluminum bodies

(V6-V8 and V12), as well as a dedicated line for special series with carbon fiber body (Daytona SP3 and F80). The main

components of the body-shells are not produced internally, but are sourced from manufacturers of chassis, bodies and carbon

fiber parts. Through a mix of high-precision robots as well as highly skilled craftsmanship, we carefully assemble and check

the geometric alignment of the various parts with mechanical gauges as well as 3D measuring machines. Then, we carry out

aesthetic controls on the surface of the aluminum panels, to eliminate any imperfections by either filing or panel beating. Our

highly qualified specialists manage specific phases of body-shell manufacturing, such as the completely manual execution of

the “aesthetic welding”, a unique joint weld between flank and roof of certain models (the Roma and 812 Competizione

families), giving the impression that the body is one single piece.

Painting

When transferred to our paint shop, the bodies are mounted on a loading bay, immersed in the cataphoresis tanks

and subsequently transferred to a fixing gas fired oven at 180°C. After the cataphoresis, the sealing phase of the body is

largely automated. Primers are then applied and fixed at 190°C until the completely grey body-shell is ready for painting. All

body-shells are cleaned with automatic pressure blowers (to avoid the electrostatic effect) and carefully brushed with emu

feathers (because of their natural electrostatic properties) to clean off any dirt particles or impurities before painting. The

painting process is automated for larger surfaces, while it is done by hand for some other localized areas. In 2019, we

replaced the robot which performs the application of the base coat. The whole car is painted at the same time to ensure color

harmony. The bodies are finally polished with lacquer to fix the paint and give the bodies their final finish. In 2018, we

substituted our clear coat with a new generation 2K (bi-component) transparent coat that allows us to decrease the

temperature of the oven from 140°C to 90°C; this is a very innovative process that allows us to simultaneously paint

aluminum and carbon fiber parts. At the end of the process “aesthetic blacks” are realized by painting any gaps in the car

matte black finish.

Assembly Line and Final Checks

The final assembly of our cars takes place in Maranello. For each model, the initial assembly operations generally

take place simultaneously on different lines and sections to maximize efficiency so while the body is assembled on the main

line, the powertrain, as well as the cockpit and the doors, are prepared on a separate sub-line. Furthermore, our new e-

building, which we inaugurated in June 2024, is based on the concept of flexibility, and will be used to produce and develop

models with internal combustion, hybrid and full electric powertrains, as well as strategic electrical components.

Personalization and Road Tests

During the assembly process of our cars we manage the fitting of all bespoke interiors, components and special

equipment options that our clients choose as part of our personalization program (see “—Sports Car Line-Up—

Personalization Offer”). After the assembly phase, every car completes a 60-kilometer road test-drive.

Finishing and Cleaning

After the road test all cars go to the finishing department. There, we thoroughly clean interior and exterior, perform a

comprehensive review of the whole car, and polish and finish the bodies to give them their final appearance.

Procurement

We source a variety of components, raw materials, supplies, utilities, logistics and other services from numerous

suppliers. We recognize the contribution of our suppliers to our success in pursuing excellence in terms of luxury and

performance, therefore we carefully select suppliers that are able to meet our high standards.

For the sourcing of certain key components with highly technological specifications, we have developed strongly

synergic relationships with some of our suppliers, which we consider “key strategic innovation partners”. We currently rely

on selected key strategic innovation partners, including for the supply of transmissions and brakes. We have also developed

strong relationships with other industrial partners for bodyworks and chassis manufacturing and for powertrain and

transmissions, among other things. Pursuant to our make-or-buy strategy, we generally retain production in-house whenever

we have an interest in preserving or developing technological know-how or when we believe that outsourcing would impair

the efficiency and flexibility of our production process. Therefore, we continue to invest in the skills and processes required

for low-volume production of components that we believe improve product quality.

For the year ended December 31, 2024, the purchases from our ten largest suppliers by value accounted for

approximately 23 percent of total procurement costs, and no supplier accounted for more than 5 percent of our total

procurement costs.

Sales and After-Sales

Our commercial team is organized in four geographic areas, covering our principal regional end markets: (i) EMEA,

(ii) Americas, (iii) Mainland China, Hong Kong and Taiwan, and (iv) Rest of APAC.

Dealer Network

We sell our cars exclusively through a network of authorized dealers (with the exception of one-offs and track cars

which we sell directly to end clients). In our larger markets we act as importer either through wholly owned subsidiaries or, in

China, through a subsidiary partly owned by a local partner, and we sell the cars to dealers for resale to end clients. In smaller

markets we generally sell the cars to a single importer/dealer. We regularly assess the composition of our dealer network in

order to maintain the highest level of quality. At December 31, 2024, our network comprised 180 dealers operating 200

points of sale.

We do not presently own dealerships and, while our strategy does not structurally contemplate owning dealerships,

we retain flexibility to adapt to evolving market requirements over time.

We believe that our careful and strict selection of the dealers that sell our cars is a key factor for promoting the

integrity and success of our brand. Our selection criteria are based on the candidates’ reputation, financial stability and

proven track records. We are also intent on selecting dealers who are able to provide a purchase and after-sales experience

aimed at exceeding our clients’ high expectations. Furthermore, our dealers are committed to promoting and marketing our

cars in a manner intended to preserve the Ferrari brand integrity and to ensure the highest level of client satisfaction.

While dealers may hold multiple franchises, we enjoy a high degree of prominence and level of representation at

each point of sale, where the great majority of the client interface and retail experience is exclusive to Ferrari. Our network

and business development team works with all dealers to ensure our operating standards are met. Our rigorous design, layout

and corporate identity guidelines guarantee uniformity of the Ferrari image and client interface.

Our dealer network has consistently and proactively invested in its facilities in recent years and the majority of our

dealer network’s worldwide facilities have been upgraded with the latest Ferrari corporate identity guidelines in order to

provide clients with a superior experience while delivering a unique luxury environment and digital touchpoints to

complement the physical space. In 2024 we presented further iterations of the Ferrari corporate identity to the dealer network

and selected pilot projects around the world have started the implementation process.

Furthermore, at the end of 2023, Ferrari presented to its dealer network the Company’s vision on the new Ferrari

point of sale, continuing to invest in a strategy aimed at delivering a superior client experience and to foster the relationship

between Ferrari and its client community to an even higher level. The implementation started in 2024 and the first opening is

planned for 2025.

Ferrari also uses an omni-touchpoint strategy and continues to engage with dealers and clients at different levels.

The client engagement typically takes place at the dealerships, whose ability to promote the client-community life has been

reinforced via a new corporate identity implemented in recent years, but also through digital touchpoints such as the

MyFerrari App, and through a plan of exclusive experiences organized at our headquarters in Maranello, as well as at a

regional or dealer level. Client engagement activities typically feature various car driving opportunities, both on track and on

the road. We have also developed and implemented several engagement activities aimed at gathering the client community

and promoting the discovery of our brand, including through experience touchpoints. The Casa Ferrari hospitality has been

proposed for several years and 2024 saw the third application of the Universo Ferrari brand exhibition, which took place in

Bangkok, Thailand, after the first edition outside of Maranello was held in Sydney, Australia, in 2022, and the second in

Seoul, South Korea, in 2023.

Other important formats of client engagement introduced in 2023 were continued in 2024, like the second Tribute to

Le Mans and the second Legacy Tour this year, dedicated to Ferrari’s GTO, also commonly known as 288 GTO. In May

2024, Ferrari organized for the first time a unique event during the F1 Grand Prix in Miami, expression of our three key

dimensions, Racing, Lifestyle and Sports cars, and involving our top clientele, with the simultaneous launch of a dedicated

Lifestyle capsule collection and of two new car models, the new 12Cilindri and the 12Cilindri Spider.

Competence building and training are also key to the implementation of our strategy. Through our in-house Ferrari

Academy we provide training to dealers for sales, after-sales and technical activities. This ensures that our dealer network

delivers a consistent level of market leading standards across diverse cultural environments. In recent years we have adapted

our training strategy by introducing and enhancing virtual-training solutions, while continuing to foster expertise in the

network at the highest level. We also introduced new courses in areas such as digital commercial execution and luxury

experience management, as well as design applied to the personalization experience for clients, with the aim of delivering the

best possible client experience. Moreover, in 2024, we conducted the first pilot editions of our new “In Dealership Coaching”

program, aimed at further building our retail competence on how to achieve the desired level of excellence in client

management.

We collect and observe data relating to dealer profitability and financial health to prevent or mitigate any adverse

experience for clients arising from a dealer ceasing to do business or experiencing financial difficulties. Our regional

executives visit dealerships regularly to monitor and measure performance and compliance with our operating standards. We

have the right to terminate dealer relationships in a variety of circumstances, including failure to meet performance or

financial standards, or failure to comply with our guidelines. Dealer turnover is relatively low, reflecting the strength of the

franchise and our selection processes, but is sufficient to guarantee an orderly renewal over time and to stimulate the

network’s health and performance.

We provide a suggested retail price or a maximum retail price for all of our cars, but each dealer is free to negotiate

different prices with clients and to provide financing. Although many of our clients in certain markets purchase our cars from

dealers without financing, we offer direct or indirect finance and leasing services to retail clients and to dealers. (See “—

Financial Services”).

The total number of our dealers as well as their geographical distribution tends to closely reflect the development or

expected development of sales volumes to end clients in our various markets over time. The chart below sets forth the

geographic distribution of our 200 points of sale at December 31, 2024:

Our sales are diversified across our dealer network, with the largest dealer representing approximately 2.8% of our

shipments, and our 15 largest dealers representing approximately 22% of our shipments in 2024.

As part of our supply and demand management, we determine allocations based on various metrics including

expected developments in the relevant market, the number of cars sold historically by the various dealers, current order book

of dealers and the average waiting time of the end client in the relevant market. Our order reporting system allows us to

collect and monitor information regarding end client orders and is able to assist us in production planning, allocation and

dealer management.

Parts

We supply parts for current and older models of Ferrari to our authorized dealer network. In addition to substitution

of spare parts during the life of the car, sales are driven by clients’ demand for parts to customize their cars and maximize

performance, particularly after a change in ownership, as well as parts required to compete in the Ferrari Challenge and other

client races. We also supply parts to Ferrari models currently out of production, with stocks dating back to 1995. The stock of

parts for even older models is currently owned and managed by a third party which in some cases also manufactures out-of-

stock parts based on our designs. The sale of parts is a profitable component of our product mix and is expected to benefit

from the increase in the number of Ferrari cars in circulation.

After-Sales

Dealers provide after-sales services to clients, either at facilities adjacent to showrooms or in stand-alone service

points across 252 facilities worldwide at December 31, 2024. After-sales activities are very important for our business to

ensure the client’s continued enjoyment of the car and the experience. Therefore, we enforce a strict quality control on our

dealers’ services activities and we provide continued training and support to the dealers’ service personnel. This includes our

team of “flying doctors”, Ferrari engineers who regularly travel to service centers to address difficult technical issues for our

clients.

We sell cars together with a scheduled program of recommended maintenance services in order to ensure that these

cars are maintained to the highest standards to meet our strict requirements for performance and safety.

Our 7 Year Maintenance Program (free of charge for customers since 2011 on any new cars) is offered to further

strengthen customer retention in the official network and has been coupled with the possibility to extend the statutory

warranty term of our standard warranty terms through the Warranty Extension starting from the 3rd year up to the 7th year and

the Power Warranty Coverage, covering from the 8th year up to the 16th year of life of the car. For certain strictly limited

series cars (for example, the Monza SP1 and SP2, and the Daytona SP3) we introduced a Full Warranty Coverage Extension

that can be applied after the 36-month commercial contractual warranty. For hybrid models, such as the SF90 family and the

296 family, we introduced a new service called Warranty Extension Hybrid, which allows the owner to buy a complete

coverage after the 3rd year up to the 8th, including replacement of the high voltage battery at the 8th year of life of the car.

After the 8th year of life, a car (if in perfect maintenance condition) can be included in the Main Power warranty

coverage program (Maintenance and Power) through to the car’s 16th year of life. Between the 16th year of life and the

Classiche eligibility (20 year old car) Ferrari provides its customers, in addition to standard maintenance items, also certain

specific maintenance kits (Ferrari Premium) to preserve car performance and safety systems. When a car follows the full

maintenance program up to the 20th year of life, it automatically obtains the Ferrari Classiche certification.

While we do not have any direct involvement in pre-owned car sales, we seek to support a healthy secondary market

in order to promote the value of our brand, benefit our clients and facilitate sales of new cars. Our dealers provide an

inspection service for clients seeking to sell their car which involves detailed checks on the car and a certification on which

the client can rely, covering, among other things, the authenticity of the car, the conformity to original technical

specifications, and the state of repair. Furthermore, we offer owners of classic Ferrari cars maintenance and restoration

services through the 73 Officina Ferrari Classiche workshops that form part of our service network.

In addition, owners of our classic cars can seek assistance in car and engine restorations at our Ferrari Classiche

department in Maranello.

Financial Services

We offer retail client financing for the purchase of our cars through the operations of Ferrari Financial Services

(“FFS”):

• directly in the United States through our fully owned subsidiary Ferrari Financial Services Inc. (“FFS Inc”);

• through Ferrari Financial Services GmbH (in partnership with CA Auto Bank) in certain markets in EMEA

(primarily the UK, Germany and Switzerland); and

• through various partnerships, which may also provide financing to our dealers, in other European countries and other

major international markets, such as Japan and Mainland China.

Through FFS, we offer a range of flexible, bespoke financial and ancillary services to clients (both current and new)

interested in purchasing a wide range of cars, from our current product range to older pre-owned and classic models. FFS also

provides special financing arrangements to a selected group of our most valuable and loyal customers.

At December 31, 2024, the consolidated financial services portfolio was €1,662 million and entirely originated in

the United States.

Client Relations

Our clients are the backbone of our business together with our brand and our technology. We do not promote our

brand or our cars through general advertising. Our main brand marketing and promotional activities have two principal

targets.

Firstly, we target the general public. Our most significant effort in this respect is centered on our racing activities

and the resonance of Scuderia Ferrari (see “—Racing—Formula 1”). We also reach the general public through the activities

of our lifestyle division, through the sale of luxury goods at our stores and online, the brand’s experience parks and museums,

and collectibles. We also engage in other brand-promotional activities through digital platforms such as eSports, and our

official social media channels.

Secondly, we target existing and prospective clients on both new car and preowned car sales, seeking to promote

clients’ knowledge of our products, and their enjoyment of our cars both on road and on track, and to foster long-term

relationships with our clients, which is key to our success. In 2024, almost 81% of our new cars were sold to existing Ferrari

owners. In recent years, we have pursued a carefully designed enlargement and rejuvenation of our client base, while always

respecting the principle of exclusivity.

From December 2023 to December 2024 we continued to grow our active client base by 2.5%, rejuvenated our loyal

client base with more than 30% of new clients below 40 years old, and nurtured our best collectors who have increased the

average number of Ferrari cars they own by approximately 11%.

By purchasing our cars, clients become part of a select community sharing a primary association with the Ferrari

image and we foster this sense of fellowship with a number of initiatives. We strive to maximize the experience of our clients

throughout their period of interaction with Ferrari – from first contact, through purchasing decision process, to waiting-time

management and car delivery and enjoyment.

Recognizing the importance of digital touchpoints to enhance the overall client experience, Ferrari continues to

develop the MyFerrari App, available exclusively for Ferrari clients to enhance and foster their connection to the Ferrari

world through the direct distribution of tailored content. This channel enables clients to directly access features and services,

strengthening their relationship with the brand and their preferred official Ferrari dealer. Moreover, Ferrari dedicates specific

attention to Ferrari clients who have ordered a new car by enriching their waiting time with dedicated digital content to

reinforce their engagement and connection with the Ferrari world.

Client and Brand Events

Client events are a cornerstone in fostering a sense of community and loyalty within the Ferrari family.

In May 2024, we organized a truly remarkable gathering in Miami, where Ferrari hosted a series of unforgettable

events bringing together the three key dimensions of Ferrari — Racing, Sports Cars, and Lifestyle — marking a global

celebration with the Cavalcade International. The event included the 12Cilindri World Premiere (Sports Cars), the F1 Grand

Prix (Racing) and the Capsule collection presentation (Lifestyle).

In June 2024 Ferrari organized a Casa Ferrari event at the Le Mans circuit, hosting approximately 900 guests and

including accommodations within the circuit for a limited number of clients in celebration of the 24 Hours of Le Mans. The

members of the Hyperclub and Le Club programmes, as well as other international clients, came together to experience the

adrenaline of one of the world’s most iconic race. Casa Ferrari served as the vibrant epicenter throughout the weekend,

culminating in Ferrari’s historic 1st and 2nd place finish with the 499P Hypercar.

October 2024 was the busiest month on the event calendar. The launch of the F80 took place in the brand-new e-

building, a futuristic venue that perfectly balances Ferrari’s rich tradition with forward-thinking innovation, symbolizing the

company’s future journey.

The month closed with the Finali Mondiali at Imola, a celebration of the racing season, where clients were

welcomed to Casa Ferrari for a fusion of adrenaline and lifestyle throughout a week of racing activities.

Client Experience on Road

Ferrari’s driving events have two main goals: providing clients with the excitement of driving Ferrari’s high-

performance cars and strengthening brand loyalty to encourage continued engagement. These events are designed for a

passionate and varied Ferrari community, offering tailored experiences for modern car enthusiasts, classic car collectors, and

track racing loyalists.

Encouraging clients’ passion for driving is a key aspect of Ferrari’s commercial strategy, especially in markets

where racing traditions are less established. Among our programs and events are:

• Esperienza Ferrari: which offers exclusive driving sessions with Ferrari’s expert instructors, providing an

opportunity for both prospective and existing clients to experience the latest models. Throughout 2024, the

Esperienza Ferrari program at Fiorano allowed clients to engage with the Ferrari brand firsthand, testing models

such as the Ferrari Roma Spider on the road and the 296 GTB on the track; and

• Corso Pilota: a program that consists of driving courses designed to accommodate various skill levels, offering

essential techniques for mastering high-performance vehicles. For instance, the Corso Pilota Classiche usually

offers a unique opportunity to drive Ferrari’s iconic models on Fiorano, our company’s historic race circuit, and on

the frozen lake of St Moritz.

In addition to the Miami Cavalcade International experience in May, the Cavalcade journey continued in late June

and early July with the Ferrari Cavalcade event in Venice, where participants drove scenic roads through historic hilltop

towns with breathtaking views of the Dolomites. The event culminated in an exclusive gala dinner on July 4th, which

included a charity auction aimed at supporting Ferrari’s commitment to education.

Moreover, the Cavalcade Classiche Family Reunion, held in mid-September, provided a “traveling museum”

experience, showcasing over 60 classic Ferrari models. This event allowed participants to explore the stunning landscapes of

Friuli Venezia Giulia and Slovenia.

In addition to the above, Ferrari takes part in prestigious driving events such as the Ferrari Tribute to Mille Miglia

and the Ferrari Tribute to Targa Florio, where modern Ferrari cars race before the commencement of the main events. In

2024, Ferrari also honored the 24 Hours of Le Mans with a five-day tour showcasing some of Maranello’s most iconic cars,

traveling from Cognac to the La Sarthe circuit. The Ferrari Tribute to Le Mans ended with a parade around the track on the

Saturday morning before the race.

• Ferrari Tours: we also offer owners a unique opportunity to embark on exclusive journeys across Italy, allowing

them to experience the thrill of driving their cars through some of the world’s most stunning and meticulously

chosen landscapes. These carefully crafted routes are designed to provide not only exhilarating driving experiences

but also the chance to discover cultural landmarks, scenic vistas, and luxurious destinations, making for an

unforgettable adventure. In 2024, three Ferrari Tours were specifically dedicated to our clients from the Far and

Middle East.

Ferrari also organized the Legacy Tour, of which we held the second edition in 2024, celebrating the 40th

anniversary of the Ferrari 288 GTO. Over three days, more than 20 Ferrari GTOs from around the world travelled across

Italy’s most scenic roads, ending in Fiorano, the birthplace of this iconic model.

Client Experience On Track

In 2024, the Corse Clienti season was intense, rich in innovation and participation, confirm the growth trend

observed in recent years.

With the Ferrari Challenge Trofeo Pirelli we introduced the Ferrari 296 Challenge in the international series

(Europe and North America), the ninth Ferrari car in the history of the one-make series, which was presented during the

Finali Mondiali. At events in Europe and the United States it was met with great enthusiasm by participants, resulting in an

average of 70 drivers on the entry list for European events and 80 for U.S. events. Participation at series events in the UK and

Japan were in line with previous years. The introduction of the Australasia series was announced during the year and will

start in 2025 with the Ferrari 296 Challenge competing on tracks in Australia.

The Ferrari Challenge Trofeo Pirelli event that closed the Corse Clienti competitive season took place at Imola,

where it registered record attendance of 33,000 fans despite challenging weather conditions. A total of 111 drivers from 28

different countries entered the races, competing in the final rounds of the European and North American series, as well as for

the world championship title. Before the beginning of the Ferrari show that took place on Sunday October 20, 2024, to

celebrate victories at the 24 Hours of Le Mans and the Lone Star Le Mans; two 499P, the cars numbered 50 and 51, which

competed in the FIA World Endurance Championship, took part in a parade starting from the center of Imola and culminating

on the Santerno circuit, where they appeared alongside the F80 and other cars from the Endurance and Corse Clienti

departments.

Additionally, in 2024 we launched the new Sport Prototipi Clienti program with the Ferrari 499P Modificata,

allowing owners of the car derived from the Hypercar 499P that won the 24 Hours of Le Mans to participate in a dedicated

event shared with F1 Clienti and XX Programme. The first event of the new programme was held in March, at the Mugello

circuit, with a 499P Modificata running on the Tuscan track. Over the course of the year, the number of participants rose to

10 during the Finali Mondiali weekend held at Imola in October.

The non-competitive programs, F1 Clienti, XX Programme, and Club Competizioni GT, take part in exclusive non-

competitive events on the world’s most iconic tracks, organizing prestigious experiences for clients, both on and off the track.

At this year’s Finali Mondiali, a record-breaking 130 drivers and 101 cars registered, marking the highest number of

participants in a single event.

The Corso Pilota continued to offer customers a variety of track driving courses catering to different skill levels and

experiences (Sport, Evoluzione+, Race, On Ice) or service (Personal Coaching), teaching essential skills for high-

performance cars using the most advanced and effective teaching methodologies and technologies.

Ferrari Classiche

The Ferrari Classiche department supports Ferrari clients in managing their historic Ferrari vehicles (over 20 years

from their production) with the objective of keeping as many of these classic cars on the road as possible. Services include

the certification of the authenticity of classic Ferrari cars and vehicles of particular historical relevance, the management of

Ferrari restoration and repair activities, as well as the management of Ferrari spare parts, including when these are no longer

available on the market. The department also provides advice on repair operations carried out on Ferrari Classiche cars within

its network.

Ferrari Classiche aims to create a platform of information and technical expertise to preserve and enhance over time

the awareness and value of Ferrari’s heritage and brand. We view the surviving Ferrari vehicles of historical value as the

tangible legacy and incarnation of our brand. The Ferrari Classiche department also supports and encourages the direct

participation of clients in strategic historical events.

The Ferrari Classiche department in Maranello consists of an office of specialists and a workshop in which historic

cars are checked, restored and repaired. In addition, in order to provide an enhanced service to owners away from the main

workshop in Maranello, starting from 2017 Ferrari Classiche authorized a new service network with 73 Officina Ferrari

Classiche workshops active to date, primarily for vehicle repairs and the certifications’ inspections or revalidation. The

network is expected to expand in the future.

The authenticity of the car with respect to the initial specifications is checked via a technical inspection, performed

either at the Ferrari Classiche facility in Maranello or at an authorized workshop, and benefits from a comprehensive archive

containing drawings of each of the individual chassis and details of historical components. Based on the evidence gathered

during this inspection, the car is then presented to an expert committee, chaired by the founder’s son, Piero Ferrari, for the

certification.

At the Maranello workshop, Ferrari Classiche carries out full restorations or maintenance services using either

original components and spare parts or replicas manufactured in accordance with the original specifications. Our service

offers our clients the opportunity to restore or maintain any classic Ferrari to its original pristine conditions.

The Ferrari Classiche department also provides basic technical and instructional support to the Ferrari Classiche

Academy, a new driving school project that launched in 2019 for vintage Ferrari cars, including the Ferrari 308, Ferrari 328,

550 Maranello, MondialT, 250 GT Lusso, 365 GTB4.

The Ferrari Classiche department also offers assistance services to clients willing to attend driving events (such as

1000 Miglia or other rally and tour) or static events (such as concours of elegance).

Racing

Participation in the FIA Formula 1 World Championship with Scuderia Ferrari and in the World Endurance

Championship with the Ferrari Endurance Team is a core element of our marketing effort and promotional activities, as well

as an important source of innovation for the support of the technological advancement of Ferrari’s product portfolio. We also

compete in the F1 Esports Championship with the Scuderia Ferrari Esports Team and we own the Mugello racing circuit in

Scarperia, near Florence, which we rent to racing events organizers. Each of these items is further discussed below.

Formula 1

The FIA Formula 1 World Championship is the pinnacle of motorsports and one of the most watched annual sports

series in the world, with approximately 1.3 billion cumulative TV audience, 65 million average weekend viewership, 20

million average digital and F1 TV viewership and 94 million social media followers (Source: 2024 Liberty Investor Meeting).

Formula 1 cars rely on advanced technology, powerful hybrid engines and cutting edge aerodynamics. While Europe

is the sport’s traditional base, longstanding non-European venues such as Australia, Brazil, Canada, Japan, Mexico and the

United States have been joined in the last two decades by racing venues in China, Bahrain, United Arab Emirates, Singapore,

Qatar, Saudi Arabia and Azerbaijan. This provides participants in the Formula 1 World Championship exceptional visibility

on the world stage.

Scuderia Ferrari has been racing in the Formula 1 World Championship since the series was launched in 1950, and

won its first Grand Prix in 1951. We are the only team that has competed in each season since launch and the oldest and most

successful in the history of Formula 1, with 248 Grand Prix wins. Throughout our racing history, we have won 15 Drivers’

Championships and 16 Constructors’ Championships, more than any other team. Many of the best known drivers in the

sport’s history have raced in Scuderia Ferrari’s distinctive red cars including Alberto Ascari, Juan-Manuel Fangio, Mike

Hawthorn, Phil Hill, John Surtees, Niki Lauda, Jody Scheckter, Gilles Villeneuve, Michael Schumacher, Sebastian Vettel and

Kimi Raikkonen. Our drivers’ line-up in 2024 comprised Charles Leclerc, the first graduate of the Ferrari Driver Academy

training scheme to race for our Formula 1 racing team, and Carlos Sainz, a talented and experienced Spanish driver.

In 2021, the new FIA financial regulations entered into force and are now applicable as updated in 2024, imposing a

cap on certain expenses and investments related to operations and the chassis of the cars which may be incurred by any single

Formula 1 team. Moreover, development activities were also limited by the new regulation. In December 2021, the World

Motor Sport Council validated the framework for the 2026 Power Unit (PU) Regulations, which include technical,

operational and financial guidelines. The framework identifies key objectives related to, among other things, the

environmental impact, cost reduction measures and competitiveness of the FIA Formula 1 World Championship. A detailed

document setting out the 2026 Power Unit Regulations was submitted to the World Motor Sport Council during the course of

2022. They will apply to power units starting from the 2026 season of the FIA Formula 1 World Championship and,

consistent with the framework proposed to the Council, are mainly focused on the sustainability and innovation challenges of

Formula 1. The 2026 Formula 1 Power Unit Regulations were approved in August 2022 and apply starting in 2023 for motors

to be used in the 2026 season. In 2022, the World Motor Sport Council also approved changes to the 2022 and 2023 Formula

1 Technical Regulations to address safety matters.

The Formula 1 2024 World Championship included 24 races.

In terms of results, the season ended with second place for the Scuderia Ferrari in the Constructors’ Championship,

with 652 points, five victories, twenty two podiums, four pole positions, and with third and fifth place finishes in the Drivers’

Championship, for Charles Leclerc and Carlos Sainz, respectively.

Scuderia Ferrari’s continuing participation in the FIA Formula 1 World Championship over the five year period

from 2021 to 2025 is governed by two agreements – widely known as New Concorde Agreement - signed on August 18,

2020. The first of such agreements governs the regulatory and governance aspects of the sport, and the second governs the

commercial aspects. The New Concorde Agreement recognizes the historical role of Ferrari, the only team that has

participated in all Formula 1 World Championship editions since its inception. In exchange for their participation in Formula

1 races, the participating teams receive a share of a prize fund based on the profits earned from Formula 1-related commercial

activities managed by Formula 1, including in particular, promoters’ fees, television broadcasting royalties, partnership

agreements and other sources. Shares in the prize fund are paid to the teams, largely based on the relative ranking of each

team in the championship.

Improvements in technology and, from time to time, changes in regulations typically require the design and

production of a new racing car every year. Therefore, in addition to our long-term research and development efforts, we begin

designing our cars each year in the spring, in anticipation of the start of the racing season the following March. While the

chassis and the power unit we build each year are designed to be used throughout the racing season, the majority of other

components fitted on our cars are adjusted from race to race depending on the characteristics of the circuits.

To maximize the performance, efficiency and safety of our Formula 1 cars, while complying with the strict technical

rules and restrictions set out by the FIA, our research and development team plays a key role in the development of our road

cars and their engines. We often transfer technologies initially developed for racing to our road cars. Examples include

steering wheel paddles for gear-shifting, the use and development of composite materials, which make cars lighter and faster,

aerodynamic concepts and technology related to hybrid propulsion.

Our road cars (especially our sports car models) have benefited from the know-how acquired in the wind tunnel by

our racing car development teams, enjoying greater stability as they reach high speeds on and off the track. Our research and

development team focus on combining minimal lap times with maximum efficiency, leading to advances in kinetic energy

recovery systems, or ERS, technology. Current advanced ERS features two electric motor/generator units in every car, which

allow the car to recover, store and deploy energy generated both by the vehicle during braking and by the exhaust gases

through a turbocharger.

The great visibility, both on traditional media and on digital platforms, that Scuderia Ferrari obtains thanks to its

participation in the FIA Formula 1 World Championship continues to attract significant sponsorships. The visibility and

placement of partner logos on the car and team uniforms reflect their respective level of sponsorship.

We use the platform provided by Formula 1 for a number of associated marketing initiatives, such as the hosting of

clients and other key partners in Ferrari Formula 1 Club Hospitality to watch and experience the Grand Prix races with

Scuderia Ferrari, and our Formula 1 drivers’ participation in various promotional activities for our road cars. We also often

sell older Formula 1 cars to clients for use in amateur racing or collection.

More generally, Formula 1 racing allows us to promote and market our brand and technology to a global audience

without resorting to traditional advertising activities, therefore preserving the aura of exclusivity around our brand and

limiting the marketing costs that we, as a company operating in the luxury industry, would otherwise incur.

World Endurance Championship

For the second consecutive year, Ferrari competed in the top class of the FIA World Endurance Championship, with

two 499P cars fielded by the official Ferrari – AF Corse team in the Hypercar class, achieving very positive results. Ferrari

made it to the podium with a third place in the Constructors’ standings, while the crews of the 499P numbered 50 ranked

second in the Drivers’ standings. The Ferrari team – AF Corse secured four race podiums, including the victory at the 24

Hours of Le Mans where 499P car number 50 driven by Fuoco-Molina-Nielsen secured victory in front of a record crowd at

the Circuit de La Sarthe of approximately 329 thousand spectators. This was the second consecutive victory, following the

2023 win at the Centenary 24 Hours of Le Mans of the 499P car number 51 driven by Pier Guidi-Calado-Giovinazzi.

The private car numbered 83 achieved an overall victory at the Lone Star Le Mans in Austin (USA) and during the

season accumulated two first-place finishes and six class podiums, earning third place in the FIA World Cup for Hypercar

Teams.

The 296 LMGT3 made its debut in the LMGTE Am class, displaying steadily improving performance throughout

the season. The two cars fielded by the official Vista AF Corse team achieved victories in the final two races, the 6 Hours of

Fuji with the car driven by Rigon-Flohr-Castellacci and the 8 Hours of Bahrain with the car driven by Rovera-Heriau-Mann.

Other GT Races

During the 24 Hours of Daytona, the first round of the IMSA SportsCar Championship held in January 2024, Ferrari

returned to victory in the iconic American endurance race after ten years, thanks to the result of the Ferrari 296 GT3 fielded

by the Risi Competizione team and driven by Rigon-Serra-Pier Guidi-Calado. This success marked the beginning of a season

where class victories and podiums confirmed the growth of the 296 GT3.

Indeed, the Ferrari 296 GT3 excelled in the most important championship for GT3 cars, the GT World Challenge

Europe. With a third-place finish at the 6 Hours of Jeddah, Alessandro Pier Guidi and Alessio Rovera became champions in

the overall standings of the Endurance Championship, while AF Corse – Francorchamps Motors triumphed in the most

prestigious team category. The Driver and Team titles in the Gold Cup went to the crew of number 93 Sky Tempesta Racing

car, driven by Jonathan Hui, Christopher Froggatt, and Eddie Cheever. Having also won the Sprint Cup, Cheever and Hui

claimed the combined title in the Bronze class of the GT World Challenge (the latter is provisional until the appeal window

for the result of Race 1 in Barcelona closes).

By the end of 2024, the Ferrari 296 GT3 had secured 8 Driver titles and 5 Team titles across the various series,

adding to the many titles won in the debut season in 2023. Among the 100 victories achieved, which also include those in the

LMGT3 configuration, 24 are overall wins and 76 are class wins.

Scuderia Ferrari Esports Team

To further enhance the Ferrari experience, we have been increasing our focus on E-sports and the Scuderia Ferrari

Esports Team now competes in the F1 Esports Sim Racing GT Challenge, Formula Sim Racing, VEC and SRO Esports

Championship. Starting from 2023, the Ferrari Esports Series expanded to cover Europe, North America, and Asia Pacific

with the aim to find new drivers for the Ferrari Esports Team and a program to reach a younger audience worldwide.

Mugello Circuit

Located in Scarperia just outside Firenze, for more than 100 years the Mugello Circuit has been one of the leading

motorsport venues globally. Internationally renowned as the host venue for the Italian MotoGP Grand Prix since 1976 (and

consecutively since 1994), the Formula 1 Grand Prix of Tuscany Ferrari 1000 in 2020, and numerous international

motorsports competitions, the 5,245 metres circuit mimicking the natural slopes of the Tuscan hills is also famed for its

ultimate driving experience and modern facilities.

Originally a 66 km road circuit, the first motorsport events held at Mugello starting from 1914 were regularity. Enzo

Ferrari won in 1921 on an Alfa Romeo class 4.500. The current facilities were designed in the early 70’s and later re-

modelled in 1988 when Ferrari bought the circuit. Year after year the track has seen consistent improvements in terms of

safety with FIA Grade 1 and FIM Grade A certifications, the highest levels of homologation for a racetrack.

In 2024, the circuit hosted 250 days of track activities and 16 race weekends.

The circuit was awarded the prize for the Best Grand Prix circuit for a MotoGP event five times (1995, 1996, 1997,

2000, 2011), and is also a leader in terms of its sustainability practices. It was the first circuit in the world to obtain FIA’s

prestigious “Achievement of Excellence” in 2015 and to be certified according to the sustainable event management system

ISO 20121. Same as in 2023, in 2024, the annual analysis carried out by Enovation Consulting ltd. on 97 circuits worldwide,

23 of which host or have hosted a Formula 1 Grand Prix, continued to feature the Mugello Circuit on top of the Sustainable

Circuits Index, that ranks the sustainability performance of global circuits against seven key sustainability factors:

certifications, accreditations, awards, environmental performance, social performance, economic impact, and sustainability

approach and engagement.

In 2024 all certifications (ISO 9001, ISO 14001, ISO 20121, Eco-Management & Audit Scheme) were renewed,

including for the international standards for sustainable and event management as well as the system of safety and health

management on workplaces.

Lifestyle

Ferrari’s presence in the wider luxury landscape is key to ensure brand relevance across generations. The role of

Ferrari lifestyle is to foster growth by broadening our client base and expanding our value proposition beyond our core

business, while preserving our brand’s DNA, its heritage and values.

The goal and mission of our lifestyle strategy is that of bringing to life a universe that encapsulates Ferrari’s DNA

while accompanying our clients through different stages and moments of their lives.

Over the past years, to strengthen brand desirability, Ferrari:

(1) Entered into the personal luxury goods segment, a critical segment to broaden our client base, amplifying cultural

relevance for the brand especially for future generations. We also launched our clothing and apparel collection

through dedicated fashion shows.

(2) Created a new organizational structure, formed by a dedicated and talented team with fashion and luxury expertise

based in Milan and working closely with our team in Maranello.

(3) Rationalized its licenses by terminating approximately half of its license agreements where the product offering and

distribution was not consistent with the positioning of the Ferrari brand.

(4) Completed the rationalization of the retail network by closing 7 franchised stores and 4 directly operated stores

considered unsuitable for Ferrari’s luxury positioning. We have since relocated and restyled our existing flagship

boutiques and opened 3 new ones in the United States. Our international network of Ferrari Stores consisted of 15

Ferrari-owned directly operated stores and 2 franchised stores as of December 31, 2024.

Ferrari Lifestyle has three pillars: (1) Personal Luxury Goods, (2) Collectibles and (3) Experience.

(1) Personal Luxury Goods – dedicated to our own refined collection – accessories, apparel and selected merchandising

– embodying the style, creativity and quality that we stand for, balancing exclusiveness and inclusiveness through a

carefully combined mix of product categories. Importantly, we will continue to strengthen partnerships with selected

licensees, which will allow us to play in complementary territories/categories while being loyal to our brand’s DNA

and positioning. Through our network of directly operated stores, we offer a wide range of Ferrari branded products,

including our fashion collection and selected merchandising and licenses.

(2) Collectibles – builds on the concept of collectability by enlarging and customizing the portfolio of available Ferrari

tokens and the offer of Ferrari branded products such as high-end watches and high-end writing instruments,

consumer electronics, sportswear, toys, leading video games, and other accessories . We will continue to expand the

offer of products such as limited editions and one-off artifacts embodying the inherent craftsmanship and innovative

spirit that lie behind the creation, design and manufacture of our cars.

(3) Experience – Through this pillar we intend to nurture our heritage and celebrate our craftsmanship through dedicated

and tailor-made experiences. We capture the essence of the Ferrari spirit by immersing customers in the racing

history, passion and values of Ferrari, through our Ferrari museums in Modena and Maranello (which attracted more

than 850,000 visitors in 2024), Il Cavallino restaurant in Maranello and our theme parks in Abu Dhabi and Spain.

Intellectual Property

We own a number of registered designs and utility patents. We expect the number to grow as we continue to pursue

technological innovations and to develop our design and brand activities.

We file patent applications in Europe, and around the world (including in the United States) to protect technology

and improvements considered important to our business. No single patent is material to our business as a whole.

We also own a number of registered trademarks, designs and patents, including approximately 550 trademarks

(word or figurative), registered in several countries and across a number classes. In particular, we ensure that the maximum

level of protection is given to the following iconic trademarks, for which we own approximately 4,250 applications/

registrations in approximately 150 countries, in most of the main classes for goods and services:

• “Ferrari” (word)

• “Ferrari” logotype:

• the “Prancing Horse” (figurative):

• the trademark (figurative):

• the racing shield (figurative):

• “Scuderia Ferrari” (word and figurative)

The names of our Range, Special Series, Icona and Supercar models and Formula 1 single-seater models are also

registered as trademarks (and logotypes) and we also register their domain names and the cars’ design.

The protection of intellectual property is also increasingly important in connection with our design and brand

activities. Therefore, we adopt and follow internal processes and procedures to ensure both that all necessary protection is

given to our intellectual property rights and that no third party rights are infringed by us. In addition, we are particularly

active in seeking to limit any counterfeiting activities regarding our Ferrari branded products around the world. To reach this

goal we closely monitor trademark applications and domain names worldwide, actively interact with national and local

authorities and customs and avail ourselves of a network of experienced outside counsels.

Properties

Our principal manufacturing facility is located in Maranello (Modena), Italy. It has an aggregate covered area of

approximately 832 thousand square meters. Our Maranello plant hosts our corporate offices and most of the facilities we

operate for the design, development and production of our road and track cars, as well as of our Formula 1 single-seaters.

(See “—Manufacturing”). Except for some leased technical equipment, we own all of our facilities and equipment in

Maranello.

In recent years, we have made significant investments in our manufacturing facilities. In 2015, we completed

construction of the new building entirely dedicated to our Formula 1 team and racing activities, as well as the new wind

tunnel 4WD. In 2018, we completed the new building for the Ferrari Design Centre, which covers more than 7 thousand

square meters. In 2019, we completed the office area and workshop area of the New Technical Center for the development of

engines and hybrid systems. The entire building and the engine and hybrid test benches cover an area of approximately 20

thousand square meters and were completed in 2021.

In 2021, we completed the construction of the new building related to new GT sport activities (which covers an area

of approximately 6 thousand square meters near the Fiorano track), the new building for our Formula 1 simulator and the

renovation of the offices used by our Marketing and Commercial department.

Between 2019 and 2022 Ferrari acquired land and buildings near its Maranello plants and started the construction of

the e-building, which we inaugurated in June 2024 and is based on the concept of flexibility. With a total floor space of over

40 thousand square meters, the e-building is a strategic asset for the construction of electric motors, batteries, electric axles

and vehicle assembly. It features two floors, designed to achieve maximum levels of energy performance with heat pump air

conditioning systems and a 1.3 MW photovoltaic system installed on the roof. Externally, the building is mainly made with

both opaline and transparent glass panels which guarantee a high internal diffusion of natural light and high visual comfort,

also supported by the study of colors and modern lighting materials. In addition to condensing the best characteristics of

environmental sustainability, the building offers internal and external spaces intended for the well-being of people through

the presence of numerous relaxation areas.

In 2023 Ferrari added an additional 8 thousand square meters to the New Technical Center in order to speed up the

development of electrification activities and boost the ability to test the strategic product range components. Furthermore, to

support the development and production of Formula 1 components, the Mechanical department was expanded by

approximately 2 thousand square meters. The increasing number of employees has made it necessary to construct, expand

and modernize offices and workspaces. The new Marketing and Commercial Department offices and the 4WD Wind Tunnel

enlargement, which enables the entire Product Development to accommodate more resources in line with the range plan, have

been identified as the most significant buildings in 2023. The total area of these recently constructed buildings is about 4

thousand square meters. In order to attract the attention of Ferrari collaborators, we also moved forward with the development

and restructuring of certain related facilities (company restaurant, health & care rooms, and infirmary).

In 2024 we began the construction of our new paint shop on land we acquired in previous years. It will feature total

space of approximately 65 thousand square meters over two floors. The new paint shop is an important element in our

personalization offer in terms of the aesthetic appeal of our cars for Ferrari customers and it is being designed with innovative

processes using state of the art painting technologies and a significant focus on sustainability and energy efficiency.

Adjacent to the plant is our Fiorano track, built in 1972 and remodeled in 1996, and which covers approximately 3

thousand meters.

The track also houses the Formula 1 logistics offices. Additional facilities in Maranello include a product

development center, a hospitality area and the Ferrari museum.

We also own the Mugello racing circuit in Scarperia, near Florence, which we rent to racing events organizers (see

“—Racing—Mugello Circuit”).

We own a second plant in Modena, named Carrozzeria Scaglietti. At this approximately 26 thousand square meter

plant we manufacture aluminum bodyworks for our regular Range, Special Series and prototype cars.

The total carrying value of our property, plant and equipment at December 31, 2024 was €1,829 million.

Employees

Human capital is a decisive factor in our success, building on our position as a global leader in the luxury sector and

creating long-term, sustainable value. To recognize excellence, encourage professional development and create equal

opportunities, we adopt several initiatives, including our appraisal system to assess our middle-managers and white collar

employees through performance management metrics; our talent management and succession planning, in addition to

assessment plans for blue collars; training and skill-building initiatives; employee satisfaction and engagement surveys,

including our so-called “Ferrari League” programs; and flexible work arrangements, commuting programs and a dedicated

welfare program, Formula Benessere, which includes, among other programs, Formula Benessere Check-Up (provided for

2,528 employees) and Formula Benessere Junior (provided for 1,082 children), offering medical assistance to employees and

their children and Formula Estate Junior (offering Summer Campus to the children of employees).

Starting in June 2024, a Formula Benessere Check-Up initiative was launched for all employees of the Group’s

Italian companies: a medical-health check-up offered annually and to be carried out in-house during working hours and the

extension of the Formula Benessere Junior project to the 4-18 age group (compared to the current 5-15 age group). Initiatives

to support parenthood were also announced, which include greater flexibility for those who can work in agile mode and paid

leave for employees with children up to the age of 10.

On December 31, 2024, we had a total of 5,435 employees, including 170 managers and senior managers. Of these

employees, 5,088 were based in Italy (primarily at our Maranello facility) and 347 were based in offices around the world

(including 24 managers and senior managers), mostly in North America and China.


	December 31,
	2024	2023	2022
White-collar employees and middle-managers	2,769	2,568	2,441
Italy	2,458	2,282	2,163
Rest of the world	311	286	278
Blue-collar employees	2,496	2,259	2,326
Italy	2,488	2,250	2,317
Rest of the world	8	9	9
Managers and senior managers	170	161	152
Total	5,435	4,988	4,919

Approximately 11 percent of the employees were trade union members in 2024. Our employees’ principal trade

unions are Federazione Italiana Metalmeccanici (FIM-CISL), Unione Italiana Lavoratori Metalmeccanici (UILM-UIL),

Federazione Italiana Sindacati Metalmeccanici e Industrie Collegate (FISMIC) and Federazione Impiegati Operai

Metallurgici (FIOM-CGIL).

All our managers are covered by collective bargaining agreements signed by the Italian trade union, Federmanager,

signed on April 28, 2023. Our other employees are covered by two agreements: the first one entered into by FCA, CNH

Industrial, Iveco and Ferrari with FIM-CISL, UILM-IUL, FISMIC, UGL and AQCF, signed on March 8, 2023; the second

one entered into by Ferrari and FIM-CISL, UILM-IUL, FISMIC, signed on November 13, 2023 and named “Accordo Premio

di Competitività Ferrari”, which includes, among other things, the payment of bonuses linked to performance for certain

categories of employees.

On March 11, 2024, we launched a new shareholder plan available to all employees in Italy, extended to employees

of subsidiaries abroad starting from September 23, 2024.

In addition to the collective bargaining agreements, we have individually negotiated agreements with several of our

managers and other key employees providing for long-term incentives, exclusivity and non-compete provisions.

Regulatory Matters

We manufacture and sell our cars around the world and our operations are therefore subject to a variety of laws and

regulations relating to environmental, health and safety and other matters. These laws regulate our cars, including their

emissions, fuel consumption, safety, and connectivity as well as our manufacturing facilities and operations, setting strict

requirements on emissions, treatment and disposal of waste, water and hazardous materials and prohibitions on

environmental contamination. Our vehicles, together with the engines that power them, must comply with extensive regional,

national and local laws and regulations, and industry self-regulations (including those that regulate vehicle safety). However,

we currently benefit from certain regulatory exemptions, because we qualify as an SVM or similar designation in certain

jurisdictions where we sell cars. As outlined below, these exemptions provide a range of benefits, from less stringent

emissions caps and compliance date extensions, to exemptions from zero emission vehicle production requirements.

We are in compliance with the relevant regulatory requirements affecting our facilities and products around the

world. We constantly monitor such requirements and adjust our operations as necessary to remain in compliance.

Approval and market surveillance

In 2018, the European Parliament and European Council issued Regulation 2018/858, establishing the new

framework for the approval and market surveillance of motor vehicles (repealing Directive 2007/46/EC). While the previous

regulatory framework of Directive 2007/46/EC was focused on technical standards, the new regulation has a broader scope

by including market surveillance requirements in order to ensure the enforcement of applicable standards. The key objectives

of Regulation 2018/858 are: enhancing the independence of technical services (i.e. the approved testing laboratories) as well

as improving the quality of the testing of vehicles and setting stricter requirements for technical services; introducing market

surveillance in order to verify the conformity of vehicles on the market to the applicable standards, and requiring corrective

measures in case of non-compliance or where a vehicle poses a safety risk or a risk to the environment; strengthening the type

approval system with more stringent oversight by the EU. The Commission has the power to suspend, restrict or withdraw the

designation of technical services, to order recalls, and to impose financial penalties.

Greenhouse gas/CO2/fuel economy legislation

European legislation limited fleet average greenhouse gas emissions for new passenger cars to 130 grams of CO 2 per

kilometer for the period 2015-2019. Due to our SVM status under EU regulations we benefited from a derogation from the

130 grams per kilometer emissions requirement available to small volume and niche manufacturers during that period.

Pursuant to that derogation, we were instead required to meet yearly CO 2 emissions targets, beginning in 2012, reaching a

target level of 290 grams per kilometer in 2016 for our fleet of EU-registered vehicles that year. Despite global shipments

exceeding 10,000 vehicles in 2019, Ferrari continued to qualify as an SVM under EU regulations, because its total number of

registered vehicles in the EU per year is less than 10,000 vehicles.

In 2014, the European Union set new 2020 emissions targets, calling for 95 percent of a manufacturer’s full fleet of

new passenger cars registered in the EU in 2020 to average 95 grams of CO2 per kilometer, rising to 100 percent of the fleet

in 2021. The 2014 regulation extends the small volume and niche manufacturers derogation. Pursuant to the derogation

approved by the European Commission following our petition, we were required to meet certain CO2 emissions target levels

in the 2017-2021 period, reaching a target of 277 grams per kilometer in 2021 for our fleet of EU-registered cars that year.

In 2019, the European Union set new 2025 and 2030 emissions targets, calling for respectively a 15 percent and 37.5

percent reduction of the target applicable in 2021. An incentive mechanism for zero and low emission vehicles was also

introduced. This new regulation (EU 2019/631) continues to state that it is not appropriate to use the same method to

determine the emissions reduction targets for large volume manufacturers as for small volume manufacturers that are

considered as independent. Therefore, Ferrari and other SVMs have the possibility to continue to apply for alternative

emissions reduction and are required to submit the application at the latest by October 31 of the year in which the related

derogation shall apply.

The regulation EU 2019/631 sets out new EU rules on monitoring and reporting of average emissions: the

Commission will have to ensure the real-world representativeness of the CO2 emission values based on data from the fuel

consumption meters installed in new cars and will be obliged to publish the performance of each manufacturer. For this

purpose, the Commission issued in March 2021 the Implementing Regulation EU 2021/392 requiring manufacturers to

collect and report the real-world on-board fuel consumption monitoring (OBFCM) data and the vehicle identification

numbers of new cars registered starting from January 1, 2021, unless the vehicle owner expressly refuses to make that data

available. The European Commission will then publish real-world data on an annual basis, aggregated at the level of

manufacturer for comparison of the same set of vehicles between data recorded in the certificates of conformity and the real-

world data. The first report was published in 2024. In addition, regulation EU 2019/631 requires the European Commission to

evaluate the possibility of a common methodology for the assessment and the consistent data reporting of full life-cycle

emissions from cars. The regulation also includes provisions on in-service conformity testing and on detecting strategies

which may artificially improve the CO2 performance. Because of these requirements, the European Commission developed

the Delegated Regulation (EU) 2023/2867 setting out the guiding principles for defining the in-service verification

procedures. Detailed technical provisions (e.g., test procedures, statistical evaluations, tolerances, pass/fail criteria, etc.) for

the in-service verification procedures have been defined in the Implementing Regulation EU 2023/2866.

The European Green Deal, adopted by the European Commission in December 2019, has at its core combating

climate change and reaching the objectives of the Paris Agreement and other environmental goals (including addressing air

pollution). One of its central elements is the 2050 climate neutrality objective. The European Commission enshrined the 2050

climate neutrality objective into EU law entered into force in July 2021. In order to set the EU on a sustainable path to

achieve climate neutrality by 2050, the European Commission has also presented a net EU-wide, economy-wide plan to

reduce greenhouse gas emissions by at least 55 percent by 2030, compared to 1990 levels.

Building on the existing legislation and the EU’s 2030 climate ambitions, the European Commission also published

the “Fit for 55” Package on July 14, 2021, which includes a proposed amendment to the regulation EU 2019/631. Regulation

(EU) 2023/851 amending Regulation (EU) 2019/631 on CO2 emission performance standards for new passenger cars and for

new light commercial vehicles was published in the EU Official Journal on 25 April 2023 and entered into force in May

2023. In particular, the provision granting a derogation from the specific emissions targets to manufacturers responsible for

between 1,000 and 10,000 new passenger cars in a calendar year will remain until 2035 included. Moreover, both the

proposals to increase the 2030 CO2 emissions target from a 37.5% to a 55% reduction compared to 2021 and introduce a

2035 target whereby CO2 emissions from new cars and vans would have to be 100% lower compared to 2021 have been

confirmed. For the first time, the Commission has introduced in this Regulation a legal basis for registering vehicles beyond

2035 running exclusively on CO2 neutral fuels. However, specific regulatory instruments are needed to implement this

possibility.

Similarly to the EU, Switzerland introduced CO2 emission regulations for new cars in July 2012. Despite the

existence of some specificities within the Swiss regulation, derogations aligned with EU regulation have been granted to

SVMs up to and including 2021. Switzerland has historically adopted the targets approved by the European Commission. On

November 24, 2021, the Swiss Federal Council amended the CO2 emission regulations for cars and vans. This regulation was

repealed starting from January 1, 2022 and the vehicles of niche and small volume manufacturers have to meet the same CO2

emission targets as the large volume manufacturers. This change in legislation is expected to result in additional costs for

Ferrari, either through penalties or the purchase of emissions credits from other manufacturers. Such additional costs were not

material in 2022-2024 and Ferrari does not expect that they will be material in the future. The Swiss CO2 emissions

regulation is currently being revised, with the aim of increasing the stringency of CO2 emissions targets from 2025, with an

effect on the related costs of penalties and credits purchasing. Such costs are still expected not to be material for Ferrari.

In the United States, both Corporate Average Fuel Economy (“CAFE”) standards and greenhouse gas emissions

(“GHG”) standards are imposed on manufacturers of passenger cars. Because the control of fuel economy is closely

correlated with the control of GHG emissions, the United States Environmental Protection Agency (“EPA”) and the National

Highway Traffic Safety Administration (“NHTSA”) have sought to harmonize fuel economy regulations with the regulation

of GHG vehicle emissions (primarily CO2). These agencies have set the federal standards for passenger cars and light trucks

to meet an estimated combined average fuel economy (CAFE) level that is equivalent to 35.5 miles per U.S. gallon for 2016

model year vehicles (250 grams CO2 per mile). In August 2012, these agencies extended this program to cars and light trucks

for model years 2017 through 2025, targeting an estimated combined average emissions level of 163 grams per mile in 2025,

which is equivalent to 54.5 miles per gallon.

On September 27, 2019 the EPA and the NHTSA issued the “Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule

Part One: One National Program” (SAFE I Rule). These rules would exert federal preemption authority under the CAFE

statute over California’s ability to regulate greenhouse gases and would revoke the current EPA waiver under the Clean Air

Act which had authorized California to regulate GHG from motor vehicles. The state of California along with other states and

certain NGOs filed challenges to these rules in both U.S. District Court for the District of Columbia and the United States

Court of Appeals D.C. Circuit. In May 2021, the NHTSA issued a notice of proposed rulemaking proposing to fully repeal

the SAFE I Rule. In December 2021, NHTSA’s proposal was finalized.

On March, 31, 2020 the EPA and the NHTSA issued the final SAFE Vehicles Rule (Part Two) setting CAFE and

carbon dioxide emissions standards for model years 2021-2026 passenger cars and light trucks. Under the SAFE Vehicles

Rule (Part Two), the overall stringency of the federal standards is significantly reduced from the levels previously set as the

final rule will increase stringency of CAFE and CO2 emissions standards by 1.5 percent each year through model year 2026,

as compared with the standards issued in 2012, which would have required annual increases of approximately 5 percent. In

August 2021, the EPA published a notice of proposed rulemaking proposing to strengthen federal GHG emissions standards

for passenger cars and light trucks by setting stringent requirements for reductions from for model years 2021-2026. This

rulemaking has been finalized in December 2021. Consistently with the EPA’s approach, in September 2021 the NHTSA

published a notice of proposed rulemaking proposing revised fuel economy standards for passenger cars and light trucks for

model years 2024-2026. In July 2022, the NHTSA’s final rule on CAFE standards for model years 2024 through 2026

entered into force. Specifically, model years 2024 and 2025 standards increase in stringency by 8% each year relative to the

prior year, model year 2026 standards increase by 10%. The CAFE standards reach approximately 49 miles per gallon in

2026 (U.S. fleet average) as compared to 36 mpg in model year 2021, individual manufacturer’s standards will vary from

these figures depending on fleet and vehicle size mix. In April 2024, the EPA published the final rule for its 2027 and later

Multi-Pollutant Rulemaking, introducing among other requirements, stricter emission standards of GHGs as well as criteria

and air toxic pollutants from light- and medium-duty vehicles. The SVM GHG alternative standards have been removed from

model year (“MY”) 2027. Ferrari remains attentive to developments in this regard. In June 2024, also NHTSA published the

final rule setting more stringent fuel economy standards for passenger cars, with binding targets for the model years

2027-2031.

Under current regulation, for model years 2017-2026, the EPA allows an SVM, defined as an operationally

independent manufacturer with less than 5,000 yearly unit sales in the United States, to petition for a less stringent standard.

The EPA has granted us SVM status. We therefore petitioned the EPA for alternative standards for the model years

2017-2021 and 2022-2025, which are aligned to our technical and economic capabilities. On July 31, 2019 the EPA

published a Notice in the U.S. Federal Register (Federal Register /Vol. 84, No. 147) that in part proposed that Ferrari be

permitted an alternative standard substantially in line with the alternative standard that Ferrari proposed to the EPA for model

years 2017-2021. The EPA approved Ferrari proposed standards for model years 2017-2020, whereas it required a small

reduction for the model year 2021 standard. On June 25, 2020, the EPA Administrator signed the final determination for

alternative GHG standards for SVMs for model years 2017 through 2021. Ferrari actively engaged in discussions with the

EPA throughout the years, submitting in 2018 a petition for alternative standards in the model years 2022-2025. No response

has been received from the EPA regarding this petition. However, in the aforementioned 2027 and later Multi-Pollutant

Rulemaking final rule published in April 2024, it is noteworthy that the EPA allows SVMs to adhere to the 2021 standard

until the model year 2026 is included. Starting with model year 2027, SVMs should comply with mainstream standards with

a certain phase-in. This adjustment could impact our operations and we will closely monitor developments in the upcoming

fiscal year, including purchasing credits from other manufacturers.

In September 2016, we petitioned the NHTSA for recognition as an independent manufacturer of less than 10,000

vehicles produced globally, and we proposed alternative CAFE standards, for model years 2017, 2018 and 2019. Then, in

December, 2017, we amended the petition by proposing alternative CAFE standards for model years 2016, 2017 and 2018

instead, covering also the 2016 model year. In 2019, our global production exceeded 10,000 vehicles, and therefore we are

not considered a SVM by the NHTSA for model year 2019. We previously purchased the CAFE credits needed to fulfill this

deficit. On July 15, 2020, we submitted to the NHTSA a petition for an exemption from the CAFE standards for the model

year 2020. We proceeded with this submission because, although Ferrari originally intended to produce more than 10,000

vehicles in 2020, actual production was lower than 10,000 vehicles as a result of the COVID-19 pandemic and the related

shutdown of our production facilities. Therefore since we met the NHTSA definition of a SVM, we have requested an

alternative fleet average CAFE standard for model year 2020 standard. In February 2024, NHTSA published a final decision

to exempt Ferrari from the generally applicable CAFE standards for the model years petitioned and established alternative

standards at the levels already achieved. We purchased the CAFE credits needed to fulfill our model year 2021-2023 deficit

and we are currently evaluating the purchase of credits for 2024. We expect to continue to purchase credits in the coming

years if required.

As the state of California has been granted special authority under the Clean Air Act to set its own vehicle emission

standards, the California Air Resources Board (“CARB”) enacted regulations under which manufacturers of vehicles for

model years 2012-2016 which are in compliance with the EPA greenhouse gas emissions regulations are also deemed to be in

compliance with California’s greenhouse gas emission regulations (the so-called “deemed to comply” provision). In

November 2012, the CARB extended these rules to include model years 2017-2025. In 2017 CARB performed a technical

assessment regarding greenhouse gas standards for model years 2022 through 2025, in parallel with the EPA and the

NHTSA, and confirmed in March 2017 that the standards defined in 2012 may be still considered appropriate. On December

12, 2018 the CARB amended its existing regulations to clarify that the “deemed to comply” provision would not be available

for model years 2021-2025 if the EPA standards for those years were altered via an amendment of federal regulations. On

September 19, 2019, the NHTSA and the EPA established the “One National Program” for fuel economy regulation, taking

the first step towards finalizing the agencies’ August 2018 proposal by announcing the EPA’s decision to withdraw

California’s waiver of preemption under the Clean Air Act, and by affirming the NHTSA’s authority to set nationally

applicable regulatory standards under the preemption provisions of the Energy Policy and Conservation Act (EPCA). On

March 9 2022, EPA rescinded its withdrawal of the waiver for California’s light-duty vehicle GHG and zero emission vehicle

(ZEV) standards. California and Section 177 states may again enforce those standards. Subsequently, CARB clarified that the

compliance with CARB’s GHG regulations is expected from model year 2021 for all manufacturers. Ferrari meets the

requirements to be classified as an SVM based on the relevant regulations in the state of California. Therefore, in 2023, in

agreement with CARB, Ferrari petitioned for SVM 2021-2025 alternative standards. In July 2024, we received official

approval from CARB for alternative standards for the MY 2021-2025. It may be necessary also to increase the number of

tests to be performed in order to follow the CARB specific procedures.

While Europe and the United States lead the implementation of these fuel consumption/CO2 emissions programs,

other jurisdictions typically follow on with adoption of similar regulations within a few years thereafter. In China, for

example, Stage IV targeted a national average fuel consumption of 5.0L/100km by 2020. In September 2017, the Chinese

government issued the Administrative Measures on CAFC (Corporate Average Fuel Consumption) and NEV (New Energy

Vehicle) Credits. This regulation establishes mandatory CAFC requirements, while providing additional flexibility for SVMs

(defined as a manufacturer with less than 2,000 units imported in China per year that achieve a certain minimum CAFC

yearly improvement rate). Manufactures that exceed the CAFC regulatory ceiling are required to purchase NEV credits.

The Stage V regulation, issued on December 31, 2019, sets the fuel consumption fleet average targets for the period

2021-2025, targeting a national average fuel consumption of 4.0 l/100km by 2025. Following the adoption of the Stage V

fuel consumption regulation, an update to the Administrative Measures on CAFC and NEV credits was published in June

2020, keeping the additional flexibility for SVMs and relaxing the minimum CAFC yearly improvement rate required. The

stage VI regulation is currently under development with the aim to strengthen 2026-2030 fuel consumption fleet average

targets. In addition to the fuel consumption target on the entire fleet, the Chinese regulation GB 19578-2021 sets specific fuel

consumption limits on model types. Currently, this standard has not been adopted by the China Certification and

Accreditation Administration (CNCA) and is therefore not applicable for certification of imported vehicles. In the current

Ferrari portfolio, only the plug-in hybrid models would be compliant with this regulation. Ferrari is closely monitoring the

ongoing revision of the GB 19578-2021 standard, which currently involves more stringent limits. Assessing the potential

implications, particularly its potential applicability to importers, remains a priority for us. Following the same approach also

with respect to pure electric vehicles, during 2021 the relevant Chinese authorities have published a notice to call for

participation in a working group that should define the energy consumption limit standards for electric vehicles; the working

group was established in 2022 and the standard is currently in the finalization phase.

In the future, driving bans on combustion engine vehicles could be imposed, particularly in metropolitan areas,

promoting progress in electric and hybrid technology. On September 23, 2020, the Governor of California issued an

executive order requiring that all in-state sales of new passenger vehicles be zero-emission by 2035. CARB developed

regulations among the Advanced Clean Cars II (ACC II) regulatory package to implement such executive order. The ACC II

regulations entered into force in November 2022 and will seek to increase the number of zero-emission vehicles (ZEVs) for

sale and reduce criteria and greenhouse gas emissions from new light- and medium-duty vehicles beyond the 2025 model

year. During 2021, the state of Washington introduced legislation that could phase out sales of non-ZEVs. The Washington

State House bill 1204 titled “Clean Cars 2030” provides that all privately and publicly owned passenger and light duty

vehicles of model year 2030 or later registered in Washington state must be electric vehicles and the state’s transportation

commission will now work on a scoping plan for achieving the 2030 requirement, anticipating the California target by five

years. In November 2020, the UK Prime Minister, the Transport Secretary and the Business Secretary announced, in the

context of the 10-Point Plan for a Green Industrial Revolution, the end of the sale of new petrol and diesel cars in the United

Kingdom by 2030. On July 14, 2021 the UK Government published the Green Paper on a New Road Vehicle CO2 Emissions

Regulatory Framework for the United Kingdom. The commitment is to reach net zero carbon emissions by 2050. Following

Brexit, the UK Government intends to define the legal framework to deliver the internal combustion engine vehicles phase

out dates announced in November 2020 by the Prime Minister’s Ten Point Plan for a Green industrial Revolution. To achieve

this goal, the UK Department for Transport proposed an ambitious and challenging Zero Emissions Vehicle (ZEV) mandate,

in terms of its starting point (i.e. 2024), annual trajectory targets and in terms of the announced very limited flexibility to

achieve these targets. The final rule of the UK - ZEV Mandate and CO2 Emissions Regulation was released in December

2023, establishing new annual targets for Stage I (2024 - 2030). Stage II (2031 - 2035) requirements will be defined in the

future. The Regulation also includes recent updates from UK Government on the end of sale of new petrol cars, which has

been postponed from 2030 to 2035. Manufacturers responsible of less than 2,500 registrations in UK per year can benefit

from special provisions. This will put the United Kingdom on course to be the first G7 country to decarbonize cars and vans.

Exhaust and evaporative emissions requirements

In 2007, the European Union adopted a series of updated standards for emissions of other air pollutants from

passenger and light commercial vehicles, such as nitrogen oxides, carbon monoxide, hydrocarbons and particulates. These

standards were phased in from September 2009 (Euro 5) and September 2014 (Euro 6) for passenger cars. In 2016, the

European Union established that Euro 6 limits shall be evaluated through Real Driving Emissions (RDE) measurement

procedure and a new test-cycle more representative of normal conditions of use (Worldwide Light Vehicles Test Procedure).

SVMs (vehicle manufacturers with a worldwide annual production lower than 10,000 units in the year prior to the grant of

the type-approval) are required to be compliant with RDE standards starting from 2020 while non-SVMs have been required

to comply with RDE standards starting from 2017. We believe all new Ferrari models are fully compliant with RDE

requirements. In 2018, the European Commission issued Regulation 2018/1832 for the purpose of improving the emission

type approval tests and procedures for light passenger and commercial vehicles, including those for in-service conformity and

RDE and introducing devices for monitoring the consumption of fuel and electric energy. Under the EU Regulation, which

became applicable in January 2019, among other things, the extended documentation package provided by manufacturers to

type approval authorities to describe Auxiliary Emission Strategies (AES) is no longer required to be kept confidential, and

the decision whether to allow access to such documentation package is left to national authorities. In addition, the Regulation

introduced a new methodology for checking In-Service Conformity (ISC) which includes RDE tests. Compliance is tested

based on ISC checks performed by the manufacturer, the granting type approval authority (GTAA), and accredited

laboratories or technical services. Test results will be publicly available; in addition, the GTAA will publish annual reports on

the ISC checks performed, in order to improve transparency.

During 2019, the European Commission announced that it will propose more stringent air pollutant emissions

standards for combustion-engine vehicles. The European Commission created an Advisory Group on Vehicle Emission

Standards (AGVES), by joining all the relevant expert groups working on emission legislation, in order to provide technical

advice for the development of the post-EURO 6/VI emission standards for motor vehicles. In March 2020, the European

Commission launched a public consultation on its roadmap outlining the policy options that it could pursue in revising the

emission standards for light and heavy duty vehicles (Euro 7). This initiative is part of the European Green Deal, advocating

the European automotive industry’s role as a leader in the global transition to zero-emission vehicles. In May 2024, the final

regulation (EU) 2024/1257 “Euro 7” was published, combining the requirements laid down for light-duty and heavy-duty

vehicles, inclusive of updated testing protocols and new pollutant emissions limits for fine particles and ammonia.

Manufacturers of fewer than 10,000 new passenger cars registered in the European Union per calendar year could benefit

from additional lead time with respect to new registrations requirements and several other accommodations. New non-

exhaust emissions limits (i.e. brake emissions, tires abrasion) and stricter existing non-emissions limits (i.e. evaporative

emissions) have also been included, as well as a minimum performance threshold on battery durability and real-time

measurements through on-board-monitoring requirements (including communication over the air and cybersecurity

obligations). Euro 7 technical elements are expected to be laid down by implementing acts in the future. Depending on the

regulatory developments to come, the technological solutions required to ensure compliance with Euro 7 standards may affect

customers’ expectations on performance, sound and driving experience.

Despite the ongoing work related to Euro 7 rulemaking, in May 2022 the European Commission submitted the draft

Regulation amending EU 2017/1151 to a public consultation, with the purpose of introducing three additional phases in Euro

6 Regulation (i.e. Euro 6e, Euro 6e-bis, Euro 6e-bis-FCM). The final Regulation (EU) 2023/443 was published in the EU

Official Journal on 2 March 2023 and entered into force as from 1 September 2023. The Regulation aims to adapt the

European regulation to the technical progress achieved in the UN Regulations test procedures and, among others, it

introduces an Auxiliary Emissions Strategy (AES) indicator to indicate when a vehicle runs in AES mode. Moreover, as

recent European driving data showed that the real world share of plug-in hybrid vehicles total mileage in electric mode is

much smaller than assumed for regulatory purposes, the proposal includes adjusting the current method for determining the

fuel and energy consumption values for those vehicles.

The European Commission is also expected to assess and evaluate the current noise emissions limits, with the risk of

more stringent thresholds.

In the United States, the “Tier 3” Motor Vehicle Emission and Fuel Standards issued by the EPA were finalized in

April 2014. With Tier 3, the EPA has established more stringent vehicle emission standards, requiring significant reductions

in both tailpipe and evaporative emissions, including nitrogen oxides, volatile organic compounds, carbon monoxide and

particulate matter. These standards are intended to harmonize with California’s standards for 2015-2025 model years (so

called “LEV3”) and have been implemented over the same timeframe as the U.S. federal CAFE and GHG standards for cars

and light trucks described above. Because of our status as an operationally independent SVM, Ferrari obtained a longer, more

flexible schedule for compliance with these standards under both the EPA and California Program.

In November 2022, the California Air Resources Board published the already mentioned ACC II regulations

amending the Low Emission Vehicle (or LEV) Regulation to reduce both tailpipe and evaporative emissions. Several

accommodations applicable to SVMs were included. In June 2024, the California Air Resources Board held the first

workshop on ACC II regulations revision, with the goal of achieving alignment with several EPA Multi-Pollutant rulemaking

requirements, while also increasing the stringency of other obligations.

In addition, California is moving forward with other stringent emission regulations for vehicles, including the Zero

Emission Vehicle regulation (ZEV). The ZEV regulation requires manufacturers to increase their sales of zero emissions

vehicles year on year, up to 100 percent of vehicles sold in the state by 2035. Because we currently sell fewer than 4,500

units in California and all the other states adopting Californian emissions regulation, we are exempt from these requirements

until model year 2035.

Additional stringency of evaporative emissions also requires more advanced materials and technical solutions to

eliminate fuel evaporative losses, all for much longer warranty periods (up to 150,000 miles in the United States).

In response to severe air quality issues in Beijing and other major Chinese cities, in 2016 the Chinese government

published a more stringent emissions program (National 6), providing two different levels of stringency (6a and 6b) effective

starting from 2020. In July 2018 China’s central government launched a three-year plan to reduce air pollution, extending

targets for reducing lung-damaging airborne particulate pollution to the country’s 338 largest cities. This plan includes

reductions in steel and other industrial capacity, reducing reliance on coal, promoting electric vehicles and cleaner transport,

enhancing air-pollution warning systems, and increasing inspections of businesses for air pollution infractions. Several

autonomous regions and municipalities have implemented the requirements of the National 6 program even ahead of the

mandated deadlines.

During 2020, the Chinese Vehicle Emission Control Center (VECC) launched the “Pre-study on Next Stage

Emission Standards for Light duty Vehicles”, an ongoing research project expected to be finalized in a more stringent

emission program in the next years. During 2023 and 2024, several workshops were conducted, and we actively participated,

ensuring that we stayed abreast of the latest developments and insights in our field.

Several other regulations are also emerging to take into account the non-exhaust emissions and the environmental

impact of electric and hybrid vehicles components, particularly on batteries. Brake particulate emissions from passenger cars

are currently not regulated by any UNECE or regional Regulations. However, a new UN Global Technical Regulation (i.e.,

UN GTR 24) on the topic of brake particulate emissions of light duty vehicle’s brake systems has been finalized during 2023.

Tire abrasion is currently regulated by a UN Regulation which defines the test methods to follow and will set the tire abrasion

limits to be respected.

The Informal Working Group on Electric Vehicles and Environment of the United Nations proposed during 2021 a

Global Technical Regulation on in-vehicle battery durability that was finally adopted in 2022 (i.e., UN GTR 22). This

regulation is applicable to both pure electric and plug-in hybrid vehicles and establishes provisions regarding state-of-health

monitors, minimum performance requirements and in-service conformity checks. A UN GTR is not binding for certification

purposes. However, it could be transposed into a UN Regulation or a regional regulation required for the certification. The

European Commission included these battery durability requirements in Euro 7 regulation. Additionally, the EPA and CARB

have set minimum performance requirements for battery durability within the EPA Multipollutant and CARB ACCII

regulations, respectively. Other government authorities, such as those in South Korea and China, are also developing their

own standards to evaluate the minimum performance requirements of traction batteries. Moreover, the European Commission

published, in July 2023, the final rule (EU) 2023/1542 for a new regulation on batteries and waste batteries. This regulation

will apply to all kind of batteries, including automotive and electric vehicle batteries, and significantly increases the scope

and number of requirements relating to design, sustainability, labelling, information and end-of-life.

In the evolving regulatory landscape, we anticipate new regulations on materials emerging from various markets.

These regulations aim to restrict or ban the use of critical substances. The EU already has a strong regulatory framework for

chemicals (e.g. REACH, POP Regulations) and is planning to expand it as part of its broader zero-pollution goal under the

European Green Deal, with the aims to better protect citizens and the environment, while promoting innovation for safe and

sustainable chemicals. In this context, the EU Commission presented its proposal for a new Regulation replacing Directive

2000/53/EC “End-of-Life Vehicles” and Directive 2005/64/EC “Type-approval of motor vehicles with regard to their

Reusability, Recyclability and Recoverability”. The aim of this new EU regulation is to propose measures to enhance the

circularity of the automotive sector, covering the design, production and end-of-life treatment of vehicles. This regulation

also extends the responsibility of manufacturers to the management of the end-of-life phase of vehicles. Moreover, the

European Chemicals Agency (ECHA) has made available a draft dossier to recommend a universal per- and polyfluoroalkyl

substances (PFAS) restriction. It is crucial to acknowledge that such regulatory shifts may significantly impact material

choices, necessitating substantial research and development efforts to uphold performance standards amid these changes.

In this context, in 2024, the new Regulation (EU) 2024/1252 on “Critical Raw Materials” was published, establishing a

framework for strengthening access, resilience, and the sustainable supply of critical raw materials, while promoting

efficiency and circularity throughout the value chain.

Vehicle safety

Vehicles sold in Europe are subject to vehicle safety regulations established by the EU or by individual member

states. In 2009, the EU established a simplified framework for vehicle safety, repealing more than 50 directives and replacing

them with a single regulation (the “General Safety Regulation”) aimed at incorporating relevant United Nations standards.

This incorporation process began in 2012. With respect to regulations on advanced safety systems, the EU now requires new

model cars from 2011 onwards to have electronic stability control systems and tire pressure monitoring systems. Regulations

on low-rolling resistance tires have also been introduced. The framework is reviewed periodically, and in May 2018, the

European Commission adopted a proposal for a regulation to make certain vehicle safety measures mandatory. On December

16, 2019, the revised General Safety Regulation (EU) 2019/2144 was published in the EU Official Journal. In 2022, a first set

of new safety technologies became mandatory in European vehicles, such as Advanced Emergency Braking, Emergency

Lane Keeping systems, crash-test improved safety belts, intelligent speed assistance and warning of driver drowsiness. On

November 16, 2022, Commission Delegated Regulation (EU) 2022/2236 setting out the technical requirements to be applied

for the purpose of EU type-approval of vehicles produced in small series was published in the EU Official Journal. In

particular, with regard to certain requirements introduced by the revised General Safety Regulation, an exemption to

Intelligent Speed Assistance, Advanced Emergency Braking System and Emergency Lane Keeping System has been granted

for vehicles produced in small series and with specified characteristics related to the installation of the camera. Moreover, the

regulation provides for a lead time of at least two years with respect to the provisions applicable to vehicles produced in

unlimited series. In November 2023, the expected Delegated Act implementing the fitment of the Advanced Driver

Distraction Warning (ADDW), mandatory from 2024 for new types of vehicles as required by the Regulation (EU)

2019/2144 on General Safety, has been published on Official Journal. This regulatory act was the latest measure to be

published within the General Safety Regulation (EU) 2019/2144 framework.

The European Commission presented a proposal to grant a full exemption from this new technology for vehicles

characterized by low ground clearance, where the installation of such a system is unfeasible. Additionally, an extended lead

time has been proposed for other vehicles included in small series definition. The final rule is expected to be published in the

first months of 2025.

The European Commission is also working on several aspects relating to the European General Safety scheme,

expected to be developed in the coming years. In particular, with regard to electric vehicle safety, the European Commission

has been consolidating efforts with other UN Contracting Parties during 2024 to revise the electric vehicles safety standard

with the aim to improve occupant protection in the event of battery thermal propagation and to address other regulations

related to passive safety topics.

In 2017, the EU published technical requirements for the Emergency Call (eCall) system, mandatory for new model

cars starting from 2018. In 2023 the European Commission started a rulemaking process to revise the eCall framework by

aligning it to the new 4G/5G “packed switched” technology. The final rule (Delegated Regulation EU 2024/1180) was

published in April 2024, requiring vehicles to be equipped with the new 4G/5G “packed switched” technology. The eCall

revision process has not been finalized yet, as the European Commission is still working on a revision of the regulation

providing test procedures and technical requirements for the certification of eCall systems. The final rule is expected in 2025.

Starting from July 1, 2019, new types of pure electric vehicle and new types of hybrid electric vehicle capable of operating

without propulsion from a combustion engine operating are required to be equipped with an Acoustic Vehicle Alerting

System (AVAS), and from July 1, 2021 for all new vehicles of such types, in order to alert pedestrians that a vehicle is

moving at low speeds. At United Nations level, it has been identified the need for additional regulatory action for BEVs with

sound enhancement systems other than AVAS regarding their noise emission. A specific regulatory process aimed at

balancing safety and environmental needs, which may directly impact sound design specifications, is currently ongoing.

During 2024, European authorities and United Nation’s contracting parties began enforcing amendments to the existing

regulation on pedestrian protection, modifying the current test procedures and enhancing the measurement methods on

extended vehicle areas such as the windscreen.

Under U.S. federal law, all vehicles sold in the United States must comply with Federal Motor Vehicle Safety

Standards (FMVSS) promulgated by the NHTSA. Manufacturers need to provide certification that all vehicles are in

compliance with those standards. In addition, if a vehicle contains a defect that is related to motor vehicle safety or does not

comply with an applicable FMVSS, the manufacturer must notify vehicle owners and provide a remedy at no cost to the

owner. Moreover, the Transportation Recall Enhancement, Accountability, and Documentation Act (“TREAD”) requires

manufacturers to report certain information related to claims and lawsuits involving fatalities and injuries in the United States

if alleged to be caused by their vehicles, and other information related to client complaints, warranty claims, and field reports

in the United States, as well as information about fatalities and recalls outside the United States. Several new or amended

FMVSSs have taken effect in certain instances under phase-in schedules that require only a portion of a manufacturer’s fleet

to comply in the early years of the phase-in. These include an amendment to the side impact protection requirements that

added several new tests and performance requirements (FMVSS No. 214), an amendment to roof crush resistance

requirements (FMVSS No. 216), and a rule for ejection mitigation requirements (FMVSS No. 226). In 2024, the amendment

of occupant crash protection (FMVSS No. 208) was adopted, updating the child restraint systems (CRSs) referred therein.

These CRSs are used by NHTSA in air bag suppression and low risk deployment testing. U.S. federal law also sets forth

minimum sound requirements for hybrid and electric vehicles (FMVSS No. 141). With the publication, on November 15,

2021, of the Infrastructure Investment and Jobs Act, the Congress of United States empowered the Secretary of

Transportation to promulgate new regulations within safety framework. In May 2024, NHTSA published a new regulation

(FMVSS No. 127) on Automatic Emergency Braking System. The regulation obliges manufacturers to equip vehicles with a

system that alerts the driver in case of imminent collision with a pedestrian or a vehicle ahead and automatically applies the

brakes, in case the driver fails to do so. The final rule is not aligned with other international standards already in place in

many countries and is expected to have consistent impacts on vehicle sensors design. Regarding the standard implementation,

NHTSA granted a delayed compliance for SVMs. In December 2023, NHTSA published an advanced notice of proposed

rulemaking as a first regulatory step to introduce a new FMVSS regulation providing requirements for new technologies to

prevent driver distraction, drowsiness and impaired driving. Additional rulemakings currently under development focus on

improving requirements for the Safety Belt Reminder (FMVSS 208), introducing new anthropometric devices for use in

occupant protection standards, implementing a system to warn the driver if occupants are left unattended in the rear seats, and

positioning anchorages for child restraints and safety belts (FMVSS 225). In 2024, NHTSA published a proposal for a new

standard on pedestrian protection (FMVSS No. 228) and the final rule revising the existing regulation FMVSS 210 to

improve the test requirements for safety belt anchorage strength. Regarding electric vehicle safety, NHTSA proposed a brand

new standard, FMVSS 305a, to replace the existing one and enhance occupant protection. Other rulemakings are at a

preliminary stage.

The regulatory updates mentioned above will likely introduce requirements specific to the U.S. market, compelling

manufacturers to develop tailored design solutions. This could lead to substantial research and development expenditures.

In 2017, the Chinese authorities published an updated version of the current local general safety standard which

allows China to become the driver market for the Event Data Recorder mandatory installation starting from 2021. Technical

requirements were defined in mid-2019, through the formal adoption of the local standard. Among the United Nations

contracting parties, China has been the first country to propose an early adoption of updated test procedures on high-voltage

batteries for hybrid and electric vehicles, which has been enforced starting in 2020. These regulations related to electric

vehicle safety are currently being revised to enhance occupant protection in the event of thermal propagation and to safeguard

the battery pack from bottom impacts caused by road obstacles. Several passive safety standards introducing more stringent

requirements have been adopted at the end of 2024 (e.g. front and rear protective devices, roof crush and safety-belts and

restraint systems anchorages for occupant) and other revised regulations (e.g. pedestrian protection, lateral and rear collision,

are expected to be enforced from the beginning of 2025. The relevant Chinese Authority (CATARC) is working on a new

draft of the binding regulation GB/T 18488 on drive motor system (DMS) for electric vehicles, introducing more stringent

technical requirements, test methods and inspection requirements on electric motors. This draft introduces more stringent

technical and performance requirements, test methods, and inspection criteria for electric motors. During 2021, 2022 and

2023, the Chinese authorities worked on several rulemaking initiatives related to active safety (e.g., ADAS, eCall), which are

not yet mandatory for certification purposes and contribute to the regulatory uncertainty in this market. In particular, the

development of a new binding standard for Automatic Emergency Braking systems began in 2024 and is not expected to be

harmonized with the corresponding international standards that are widely adopted. The lack of harmonization of Chinese

regulatory requirements is increasing in recent years. This situation could lead to substantial research and development

expenditure, specifically for the Chinese market.

Regulatory fragmentation is also emerging in other markets such as the UK and South Korea, primarily due to

specific market needs and domestic policy priorities.

Connectivity

In 2020, the European Commission issued its new digital strategy policies, which represent a priority in its

regulatory agenda. During 2021, several draft proposals were issued in this respect, including in relation to Real Time Traffic

Information (RTTI), Connected and Intelligent Transport Systems (C-ITS) and Artificial Intelligence (AI). The RTTI and ITS

proposals were finalized in December 2023 through the adoption of the Commission Delegated Regulation (EU) 2022/670

and the Directive (EU) 2023/2661, respectively.

In 2022, the European Commission announced the intention to present a proposal amending the European Type

Approval Framework (Regulation (EU) 2018/858) to include provisions on access to in-vehicle data. This measure would

aim to address certain sector-specific issues such as bi-directional access to vehicle resources and the interplay between

access to data and cybersecurity. Since the announcement, the European Commission has not yet disclosed the proposal for

the sector-specific regulation. Updates are expected in 2025 with the publication of the European Commission’s working

program. As regards software and cybersecurity management issues, the proposal is expected to include replacement parts,

new categories of autonomous vehicles and replacement of batteries. In September 2022, the European Commission also

presented a proposal of a new regulation setting up cybersecurity requirements covering a wide range of digital products and

related ancillary services. The proposal would be aimed at strengthening the cybersecurity of products placed on the EU

market throughout their whole lifecycle, improving and extending the provisions and the scope of existing regulation. The

final rule was published in 2024. However, motor vehicles and components are exempt from these requirements, as

compliance with specific requirements is already mandated by Regulation (EU) 2019/2144 that, starting from 2022, began

enforcing regulations on cyber security and software updates.

In 2024, Chinese authorities issued new regulations on cybersecurity and software updates management, introducing

specific technical requirements that differ from those provided by the equivalent UNECE regulations. These new

requirements may necessitate modifications in the electronic design of our models.

For the U.S. market, in October 2024, the Bureau of Industry and Security, an agency within the U.S. Department of

Commerce, released a proposal for a regulation on supply chain control of connected and self-driving vehicles. The

regulation aims to prohibit the import and sale of software and components (including those installed in vehicles) produced or

developed in China and Russia, and to establish a compliance mechanism through a declaration of conformity.

Financial Overview

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS OF THE GROUP

The following discussion of our financial condition and results of operations should be read together with the

information included in the sections “Overview” and “Overview of our Business”, as well as in the Consolidated Financial

Statements elsewhere in this document. This discussion includes forward-looking statements and involves numerous risks and

uncertainties, including, but not limited to, those described under “Forward-Looking Statements” and “Risk Factors”.

Actual results may differ materially from those contained in any forward-looking statements.

Trends, Uncertainties and Opportunities

Shipments: Low volume strategy and brand exclusivity — Our net revenues and results of operations depend on,

among other things, the achievement of volume and mix targets established in our budgets and business plans, which we

define in line with our low volume strategy to pursue controlled growth and preserve brand exclusivity. As part of this

strategy, we seek to manage waiting lists in the various markets in which we operate in order to respond optimally to relative

levels of demand, based on our order books, while being sensitive to local client expectations in the markets where we

operate. We believe that waiting lists have promoted the sense of exclusivity of our products and, accordingly, we monitor

and manage waiting lists to enhance this exclusivity while ensuring the highest levels of client service and satisfaction.

In order to maintain our brand’s aura of exclusivity among purchasers of our cars, we have continued our low

volume strategy while responding to growing demand and to demographic changes as the size and spending capacity of our

target clients has grown, gradually increasing annual shipments from 7,255 in 2014, the year before our initial public offering

and separation from Stellantis, to 13,221 in 2022 , 13,663 in 2023 and 13,752 in 2024 (shipments do not include strictly

limited racing cars, such as the XX Programme and the 499P Modificata, as well as one-off and pre-owned cars). Our current

plans reflect a continuation of our low volume and controlled growth strategy, including the introduction of 15 new models

over the period from 2023 to 2026 as announced at our Capital Markets Day in June 2022 (to date we have introduced 8 new

models since the start of 2023 and we are planning to launch 6 models in 2025, including our first full electric Ferrari in the

fourth quarter of 2025), and a measured increase in shipments above current levels as we continue to (i) broaden our product

portfolio in line with our product strategy “Different Ferrari for Different Ferraristi” and “Different Ferrari for Different

Moments”, and (ii) target a potentially larger and younger customer base, while preserving and enhancing the exclusivity and

value of our brand. In 2024, we sold approximately 81% of our new cars to Ferrari clients that already own at least one

Ferrari and 48% of our new cars to Ferrari clients that own multiple Ferrari, which reinforces the demand for our cars and the

image of luxury and exclusivity inherent in our brand.

We target our products to the upper end of the luxury car segment and purchasers of our cars tend to belong to the

wealthiest segment of the population. As the size and spending capacity of our target client base has grown significantly in

recent years, our addressable market and the sense of exclusivity fostered by our low volume strategy have been further

enhanced. Given that our shipment strategy is flexible, we are able to adjust the geographical allocation of our shipments to

respond to changes in our key markets. The geographic allocation of our shipments and their mix by product reflects our

deliberate allocation strategy over the lifecycle of the individual models and is generally impacted by the phase-in/phase-out

pace of the models, as well as the length of waiting lists and other market-specific factors and conditions, including our

commercial strategy and the potential for future growth. We expect that further growth in shipments will result primarily

from our deliberate allocation strategy, as well as from targeting new customer groups, geographies and modes of use through

the expansion of our product portfolio.

The following table sets forth our shipments(1) by geographic location:


	For the years ended December 31,
	2024	%	2023	%	2022	%
	(Number of cars and % of total cars)
EMEA
Germany	1,476	10.7%	1,472	10.8%	1,439	10.9%
UK	933	6.8%	1,011	7.4%	997	7.5%
Italy	797	5.8%	740	5.4%	708	5.4%
France	547	4.0%	490	3.6%	473	3.6%
Switzerland	481	3.5%	482	3.5%	497	3.8%
Middle East (2)	479	3.5%	451	3.3%	439	3.3%
Other EMEA (3)	1,491	10.8%	1,417	10.4%	1,405	10.6%
Total EMEA	6,204	45.1%	6,063	44.4%	5,958	45.1%
Americas (4)	4,003	29.1%	3,811	27.9%	3,447	26.1%
of which United States of America	3,452	25.1%	3,262	23.9%	2,924	22.1%
Mainland China, Hong Kong and Taiwan	1,162	8.4%	1,490	10.9%	1,552	11.7%
of which Mainland China	814	5.9%	1,221	8.9%	1,290	9.8%
Rest of APAC (5)	2,383	17.4%	2,299	16.8%	2,264	17.1%
Total	13,752	100.0%	13,663	100.0%	13,221	100.0%

_____________________________

(1) Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars.

(2) Middle East mainly includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait.

(3) Other EMEA includes Africa and the other European markets not separately identified.

(4) Americas includes the United States of America, Canada, Mexico, the Caribbean and Central and South America.

(5) Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia.

Research, Development and Product Lifecycle — We engage in research and development activities aimed at

further enhancing our technological edge through continuous innovation and improving the design, performance, driving

thrills, advanced technology, safety, efficiency and reliability of our cars, among other things. Costs we incur for the

development of our cars and engines, as well as their related components and systems, are recognized as an asset if, and only

if, the required conditions under IAS 38 - Intangible Assets are met, including, among others: (i) development costs can be

measured reliably, (ii) the technical feasibility of the product, estimated volumes and expected pricing all support the

reasonable expectation that the development expenditure will generate future economic benefits, and (iii) the Group has the

intention to complete the development and the ability to use the intangible asset. Capitalized development costs include all

direct and indirect costs that may be directly attributed to the development process. All other research and development costs

are expensed as incurred. Research and development costs are recognized net of any technology-related government

incentives received.

The level of our capitalized development costs is primarily affected by the timing of updates and renewals to our

product portfolio, the pace of our innovation schedule and the integration of newly-introduced powertrain technologies

(including hybrid and electric) more broadly into our product portfolio. We continually launch new cars with enhanced

technological innovations and design improvements. In 2024, we launched three new models: the 12Cilindri, the 12Cilindri

Spider and our new limited edition Supercar, the F80, in line with our previously announced objective of introducing 15 new

models over the period from 2023 to 2026, with a view to maintaining our product portfolio’s leading position and to respond

quickly to market demand and technological breakthroughs. We will continue to focus on a well-diversified product portfolio

composed of three different powertrains (ICE, hybrid and electric), while increasing the integration of hybrid and electric

technologies in future models, as evidenced by shipments of our hybrid models surpassing those of our ICE models for the

first time in 2024, as well as our first full electric Ferrari which we expect to launch in the fourth quarter of 2025.

A portion of our research and development efforts are related to the development of the various components used in

our models, and in particular, hybrid, electric, electronic and mechanical components. Our continued focus on component

development has the objective of improving performance and reducing the costs to develop new models. Our strategy

involves making core components in-house, as well as collaborating with partners to co-develop and tailor best in class

solutions for state-of-the-art technologies. Capitalized development costs are amortized on a straight-line basis from the start

of production over the estimated lifecycle of the model or the useful life of the related assets or components. Our Range

models typically have a lifecycle of four to five years, while our Special Series, Icona and Supercar models typically have

shorter lifecycles, and the useful life of components may be up to eight years.

We also incur research and development costs in connection with our Formula 1 and other racing activities,

including initiatives to maximize the performance, efficiency and safety of our racing cars. While we develop these

technologies for initial use in our Formula 1 and other racing cars, we seek to transfer these technologies and components to

models in our current and future product portfolio, where appropriate. Technological developments and changes in the

regulations of the Formula 1 World Championship generally lead us to design, develop and construct a new racing car to be

used for one year only and therefore the costs incurred for the design, development and construction of a new racing car are

generally expensed as incurred and classified as research and development costs in the income statement, unless the

technology is expected to be used for more than one year and the costs meet the capitalization criteria in IAS 38. Research

and development costs for Formula 1 activities can vary from year to year and may be difficult to predict because they are

subject to, among other things, the need to respond to our car’s performance relative to other racing teams and changes in

racing regulations, including the number of races and inflation.

Formula 1 financial regulations include a budget cap to limit the amount of spending for chassis costs that may be

incurred by the teams participating in the Formula 1 World Championship (primarily costs relating to the development and

manufacturing of the racing car chassis and excluding, among others, the activities to enable the supply of power units,

marketing costs, drivers’ salaries and the top three personnel at each team). Additionally, starting in 2023, a cap was also

introduced for the development of the power units that will be used for the 2026 season. The aforementioned budget caps on

spending are defined for each season based on several factors, including the number of races and inflation. The budget cap for

the 2024 Formula 1 season was €148 million in relation to the development and manufacturing of the racing car chassis and

€98.5 million relating to the power units that will be used in the 2026 season. The budget cap for the 2025 season is currently

in the process of being defined but is expected to be higher than in 2024, which, other things being equal, would lead to

higher cost of sales and research and development costs in the period.

As a result of our strategy to continuously innovate and broaden our product portfolio and integrate hybrid, electric

and other advanced technologies into our cars, our capitalized development costs have gradually increased during the period

from 2022 to 2024, from €416 million in 2022 to €448 million in 2023 and €476 million in 2024. This has contributed to an

increase in the proportion of capitalized development costs compared to total research and development incurred, including

the effects of the advancement through the stages of development for many of the technologies we are creating, as well as the

aforementioned caps on certain costs we are allowed to incur for the chassis of our Formula 1 racing cars and the

development of the power unit to be introduced in 2026 (in accordance with applicable FIA financial regulations). In

particular, capitalized development costs as a proportion of total research and development incurred (both capitalized and

expensed) increased from 44.5 percent in 2022 to 45.4 percent in 2023 and 45.8 percent in 2024.

The following table summarizes our research and development expenditure for the years ended December 31, 2024,

2023 and 2022:


	For the years ended December 31,
	2024	2023	2022
	(€ million)
Capitalized development costs (1)	476	448	416
Research and development costs expensed (A)	563	539	518
Total research and development incurred	1,039	987	934

Amortization of capitalized development costs (B)	331	343	258

Research and development costs as recognized in the consolidated income statement (A+B)	894	882	776

_____________________________

(1) Capitalized to development costs within intangible assets.

Car Profitability — The relative profitability of the cars we sell tends to vary depending on a number of factors,

including the exclusivity of the offering, overall performance of the car and its technological advancement and content,

engine type and performance, level of personalization and the geographic market in which the cars are sold. For example, our

strictly limited edition Icona models (the most recent is the Daytona SP3 for which shipments commenced in the fourth

quarter of 2022), as well as our limited edition Supercars (the most recent is the F80 for which shipments are expected to start

in last quarter of 2025) have sales prices that are significantly higher than other models in our product portfolio in light of

their exclusivity, as well as the advanced technology and design these models feature. In general, these more exclusive

offerings generate higher revenues and provide better margins than those generated on shipments of our Range and Special

Series models, thereby improving our financial performance in the periods in which they are sold. We plan to launch our

Icona models more frequently compared to our Supercars and we expect this to moderate potential fluctuations in financial

performance due to the cadence of launches of our Supercars. Additionally, car profitability may vary between countries as a

result of, among other things, economic conditions, the maturity of the market, customs duties and tariffs, as well as

emissions regulations.

We leverage the continuous improvement of the performance, technology and other features of our cars, as well as

the exclusivity of certain model offerings and the scarcity value resulting from our low volume strategy, to increase the

average price point of our Range and Special Series models over time. In particular, in recent years we have been increasing

the price of selected models in certain markets and we have introduced new models with higher average selling prices

compared to the corresponding predecessor models. Furthermore, as we continue to integrate advanced technologies more

broadly into our car portfolio, including hybrid and electric powertrains, we expect that our average price point will continue

to increase, reflecting the superior technological content of our new models. Our experience to date suggests that the

profitability of a specific model is not necessarily impacted by the type of powertrain.

Additionally, the interior and exterior technology and content of the cars we sell can be customized through our

personalization offerings, which can be further enhanced through additional bespoke specifications. Incremental revenues

from personalization are a particularly favorable factor of our pricing and product mix due to the fact that we generate

incremental margin on each additional option selected by our clients.

Sponsorship, Commercial and Brand Net Revenues — Our revenues from sponsorship, commercial and brand

activities are primarily impacted by, among other things, the appeal of our brand, as well as the historical success and current

performance of our racing teams (primarily from our participation in the FIA Formula 1 World Championship with Scuderia

Ferrari and in the World Endurance Championship with the Ferrari Endurance Team), which both impact our ability to attract

new sponsors and promote brand activities. Additionally, our revenues from sponsorship, commercial and brand activities are

also influenced by the overall popularity of Formula 1 and our other racing competitions more broadly.

We have increased our net revenues from sponsorship, commercial and brand activities in recent years, from €499

million in 2022 to €572 million in 2023 and €670 million in 2024, representing annual growth of 14.6 percent and 17.1

percent, respectively. This trend has been driven primarily by new racing sponsorships, as well as by commercial revenues

linked to our racing performance and our brand activities.

Cost of Sales and Selling, General and Administrative Costs — Cost of sales primarily includes costs incurred in

the manufacturing and distribution of our cars and spare parts. The cost of materials, components and labor are the most

significant elements, while the remaining costs primarily relate to depreciation, insurance and transportation, as well as

warranty and product liability-related costs, which are estimated and recorded at the time our cars or products are shipped.

Interest expenses and other financial charges that are directly attributable to our financial services activities in the United

States, including provisions for risks and write-downs of financial assets, are also reported in cost of sales.

In manufacturing our cars, we incur costs (through production or purchase) for a variety of raw materials (the most

significant of which is aluminum), components (including mechanical, electrical, electronic, aluminum, steel and plastic

components, as well as castings and tires) and supplies, as well as for utilities, logistics and other services from numerous

suppliers. Fluctuations in the cost of sales are primarily related to the number of cars we produce and sell, along with changes

in the mix of models in our product portfolio and, primarily in 2022 and 2023, also inflation. Newer models generally have

more technologically advanced components and enhancements, including hybrid and electric technology, and therefore have

higher costs per unit; however, we aim to price our cars appropriately to recover these costs in line with our profitability

strategy. Our Icona, Supercar and One-Off models also generally have higher costs per unit compared to our Range and

Special Series cars, although the higher sales prices for these models typically more than offset the higher costs. Cost of sales

is also affected by fluctuations of certain raw material prices, although we typically seek to manage these costs and minimize

their volatility through the use of long-term fixed price purchase contracts.

Over time, we have made efforts to achieve technical and commercial efficiencies. In particular, technical

efficiencies focus on efforts to produce components using innovative and cost-effective materials, without compromising the

quality or performance of the components. In order to achieve these technical efficiencies, we perform in-house research and

development activities and we invite our suppliers to present us with innovative technical solutions that they have developed.

Commercial efficiencies have been achieved through negotiating discounts and entering into long-term contracts with our

partners and suppliers, who commit upfront to pass on to us a portion of the efficiencies they achieve in performing our

supply contracts. Furthermore, efforts are made to award new business to existing partners and suppliers, where appropriate,

in order to negotiate favorable pricing. As cost of sales also includes depreciation of plant and equipment, cost of sales is

affected by the number and timing of product launches as the start of production of new models triggers the commencement

of depreciation of plant and equipment acquired specifically for those models.

When new models are introduced, we also incur promotional costs in connection with product launch and marketing

initiatives, which are generally recorded within selling, general and administrative costs. Our schedule of model launches

through 2026 is expected to increase promotional costs compared to prior periods. Furthermore, we are currently making

significant investments in brand development, which is also expected to increase selling, general and administrative costs in

the coming periods.

Economic Conditions and Macro Events — As a result of rising inflation in recent years, we have experienced

increases in the costs of our raw materials, energy, utilities, financing and certain other goods and services, resulting in

downward pressure on our operating profit (EBIT) margin, although inflation decreased in 2023 compared to 2022 and

continued to decrease in 2024.

Following the aforementioned rise in inflation, several main central banks raised interest rates rapidly over the

course of 2022 and part of 2023, including in the United States where we offer retail client financing for the purchase of our

cars through our fully owned subsidiary FFS Inc, as well as in EMEA where we offer retail client financing (primarily in the

UK, Germany and Switzerland) through our equity method investment in Ferrari Financial Services GmbH (for which we

hold a 49.9 percent interest). This has resulted in a general increase in the cost of borrowing, which has in turn increased the

interest rates on loans we generate for new car financing as well as the cost of funds we use to finance our financial services

activities, although the impacts have been tempered following the more recent decrease in central bank rates in the United

States, the European Union and elsewhere. If interest rates remain elevated or increase again, it may lead to a higher cost of

ownership for customers who finance the purchase of their vehicle, which could have an adverse impact on demand for our

cars in certain markets.

The ongoing conflict between Russia and Ukraine that started in February 2022, and the resulting geopolitical

tensions have had a significant impact on the global economy, resulting in a sharp increase in energy prices and higher prices

for certain raw materials and goods and services, which in turn has contributed to higher inflation globally. Many

governments and supranational organizations around the world have imposed sanctions on certain industry sectors and

Russian parties, as well as enhanced export controls on certain products and industries, including luxury goods. Ferrari has

very limited commercial interests in Russia, Ukraine and the areas of conflict, and the effects of the aforementioned sanctions

and other measures on our business have been contained.

Additionally, uncertainties regarding future trade arrangements and industrial policies in various countries or regions

create additional macroeconomic risk. In the United States, any policy to discourage imports into the United States of

vehicles produced elsewhere could adversely affect our operations and the U.S. administration has announced its intention to

impose steep tariffs on imported goods, including cars.

Management carefully monitors the inflation outlook and changes to interest rates, as well as developments in the

ongoing conflict between Russia and Ukraine, as well as conflicts elsewhere in the world (including the conflict between

Israel and Hamas which has caused escalations in the wider region) and geopolitical tensions more generally, in order to

appropriately address the potential impacts, direct or indirect, on our operations, order intake, supply chain (including the

prices and availability of raw materials), operating costs and financial expenses, as well as potential impacts on our

customers, the global financial markets and the financial services industry more broadly. In order to mitigate potential supply

chain disruptions that could result from the aforementioned factors, we have at times deliberately maintained a higher level of

inventory and may continue to do so.

Effects of Foreign Currency Exchange Rates — We operate in numerous markets worldwide and are affected by

fluctuations in foreign currency exchange rates through (i) the translation into Euro upon consolidation of foreign currency

financial statements of our subsidiaries with functional currencies other than Euro, which we refer to as the translation

impact, and (ii) transactions by entities of the Group in currencies other than their own functional currencies, which we refer

to as the transaction impact.

Translation impacts arise in the preparation of the consolidated financial statements; in particular, we present our

consolidated financial statements in Euro, while the functional currency of each of our subsidiaries depends on the primary

economic environment of the entity. In preparing the consolidated financial statements, we translate into Euro the assets and

liabilities of foreign subsidiaries expressed in local functional currency other than Euro using the foreign currency exchange

rates prevailing at the balance sheet date, while we translate income and expenses using the average foreign currency

exchange rates for the period presented. Accordingly, fluctuations in the foreign currency exchange rates of the functional

currencies of our subsidiaries against the Euro impacts our results of operations.

Transaction impacts arise when our Group entities conduct transactions in currencies other than their own functional

currency. Therefore, we are also exposed to foreign currency risks in connection with scheduled receipts and payments in

multiple currencies. Our costs are primarily denominated in Euro, while the majority of our revenues are generated in

currencies other than the Euro, mainly in U.S. Dollars, Japanese Yen, Chinese Yuan, Pound Sterling, Swiss Franc and, to a

lesser extent, certain other currencies.

Typically, an appreciation/depreciation of the U.S. Dollar, and the other currencies in which we operate, against the

Euro positively/negatively impacts our net revenues and results of operations, although the impacts of fluctuations in foreign

currency exchange rates are also impacted by our hedging operations. In 2024, foreign currency exchange impact (including

hedging transactions) on our revenues and operating profit was negative, mainly driven by the U.S. Dollar, the Japanese Yen

and the Chinese Yuan. Currency changes also had a negative impact in 2023, primarily due to the depreciation of the U.S.

Dollar, the Japanese Yen and the Chinese Yuan against the Euro, but these were partially offset by our hedges.

Our risk management policies contemplate the use of derivative financial instruments to hedge foreign currency

exchange rate risk. In particular, we have used derivative financial instruments as cash flow hedges for the purpose of

hedging the foreign currency exchange rate at which a predetermined proportion of forecasted transactions denominated in

foreign currencies will occur. Accordingly, our results of operations have not been fully exposed to fluctuations in foreign

currency exchange rates. See Note 30 “Qualitative and Quantitative Information on Financial Risks” to the Consolidated

Financial Statements included elsewhere in this document for additional information related to our foreign currency exchange

rate risk policies.

Regulation — We ship our cars throughout the world and are therefore subject to a variety of laws and regulations,

including tariffs. These laws regulate our cars, including their emissions, fuel consumption and safety, as well as our

manufacturing facilities. As we are currently a small volume manufacturer in certain jurisdictions, we benefit from certain

regulatory exemptions, including less stringent emissions caps. Developing, engineering and producing cars which meet

continuously evolving regulatory requirements, and can therefore be sold in the relevant markets, requires a significant effort

and expenditure of resources. See “Overview of Our Business—Regulatory Matters” for additional information.

Patent Box Benefit — Income taxes for the years ended December 31, 2024, 2023 and 2022 benefited from the

application of the Patent Box tax regime by Article 1, par. 37-45 of Law No. 190 of December 23, 2014, as amended and

supplemented from time to time, which provides tax benefits for companies that generate income through the use of

intangible assets. Starting in 2020 the Group has implemented the Patent Box tax regime, covering the period from 2020 to

the conclusion of this regime in 2024, with the recognition of the associated tax benefit distributed over three equal annual

installments.

The Law Decree (Decree) n. 146 enacted by the Italian authorities, effective from October 22, 2021 and as amended

by the 2022 Italian budget law, replaces the previous Patent Box tax regime with a new one that provides a 110% “super tax

deduction” for certain costs related to eligible intangible assets. The Decree also outlines a transitional procedure for the

coexistence of both regimes during their applicable periods. As a result of a change in the Patent Box tax regime, we expect

our effective tax rate to increase in 2025 compared to 2024.

For additional information see Note 10 “Income taxes” to the Consolidated Financial Statements included elsewhere

in this document.

Asset-backed Financing (Securitizations) — We pursue a strategy of autonomous financing for our financial

services activities in the United States, which involves limiting or reducing dependency on intercompany funding and

increasing the portion of self-liquidating debt with various securitization transactions. As our financial services portfolio has

increased due to growth of the business, our asset-backed financing (securitizations) has also increased to finance the

underlying receivables. In particular, the increase of €211 million in our receivables from financing activities from €1,451

million at December 31, 2023 to €1,662 million at December 31, 2024 was accompanied by an increase of €176 million, in

our asset-backed financing (securitizations) from €1,166 million at December 31, 2023 to €1,342 million at December 31,

2024 (including the effects of foreign currency translation impact).

For further details relating to our receivables from financing activities and our asset-backed financing

(securitizations), see Note 18 “Current Receivables and Other Current Assets” and Note 24 “Debt” to the Consolidated

Financial Statements included elsewhere in this document.

Results of Operations

Consolidated Results of Operations – 2024 compared to 2023 and 2023 compared to 2022

The following is a discussion of the results of operations for the year ended December 31, 2024 compared to the

year ended December 31, 2023 and for the year ended December 31, 2023 compared to the year ended December 31, 2022.

The presentation includes line items as a percentage of net revenues for the respective periods presented to facilitate year-

over-year comparisons.


	For the years ended December 31,
	2024	Percentage of net revenues	2023	Percentage of net revenues	2022	Percentage of net revenues
	(€ million, except percentages)
Net revenues	6,677	100.0%	5,970	100.0%	5,095	100.0%
Cost of sales	3,330	49.9%	2,996	50.2%	2,649	52.0%
Selling, general and administrative costs	561	8.4%	463	7.7%	428	8.4%
Research and development costs	894	13.4%	882	14.8%	776	15.2%
Other expenses, net	12	0.1%	18	0.3%	21	0.4%
Result from investments	8	0.1%	6	0.1%	6	0.1%
Operating profit (EBIT)	1,888	28.3%	1,617	27.1%	1,227	24.1%
Financial income	147	2.2%	132	2.2%	84	1.2%
Financial expenses	146	2.2%	147	2.5%	133	2.2%
Financial (income)/expenses, net	(1)	—%	15	0.3%	49	1.0%
Profit before taxes	1,889	28.3%	1,602	26.8%	1,178	23.1%
Income tax expense	363	5.4%	345	5.7%	239	4.7%
Net profit	1,526	22.9%	1,257	21.1%	939	18.4%

Net revenues

The following table sets forth an analysis of our net revenues for each of the years ended December 31, 2024, 2023

and 2022:


	For the years ended December 31,						Increase/(Decrease)
	2024	Percentage of net revenues	2023	Percentage of net revenues	2022	Percentage of net revenues	2024 vs. 2023		2023 vs. 2022
	(€ million, except percentages)
Cars and spare parts (1)	5,728	85.8%	5,119	85.7%	4,321	84.8%	609	11.9%	798	18.5%
Sponsorship, commercial and brand (2)	670	10.0%	572	9.6%	499	9.8%	98	17.1%	73	14.6%
Other (3)	279	4.2%	279	4.7%	275	5.4%	—	—%	4	1.4%
Total net revenues	6,677	100.0%	5,970	100.0%	5,095	100.0%	707	11.8%	875	17.2%

_____________________________

(1) Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts.

(2)Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and in the World Endurance Championship) through

sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as net revenues generated through the

Ferrari brand, including fashion collections, merchandising, licensing and royalty income.

(3)Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities as well as net revenues

generated from the rental of engines to other Formula 1 racing teams and from the sale of engines to Maserati. Starting from 2024, residual net

revenues generated from the sale of engines are presented within other net revenues as a result of the expiration of the supply contract with Maserati

in December 2023. As a result, net revenues generated from engines of €127 million and €155 million for the years ended December 31, 2023 and

2022 that were previously presented as “Engines” net revenues have been presented within “Other” net revenues to conform to the current

presentation.

2024 compared to 2023

Net revenues for 2024 were €6,677 million, an increase of €707 million or 11.8 percent (an increase of 13.4 percent

on a constant currency basis), compared to €5,970 million for 2023.

The increase in net revenues was attributable to the combination of (i) a €609 million increase in cars and spare parts

and (ii) a €98 million increase in sponsorship, commercial and brand.

Cars and spare parts

Net revenues generated from cars and spare parts for 2024 were €5,728 million, an increase of €609 million or 11.9

percent, compared to €5,119 million for 2023.

The increase in net revenues from cars and spare parts was primarily attributable to a richer product and country

mix, as well as a higher contribution from personalization. Foreign currency exchange impact, including hedging

transactions, was negative, mainly driven by the U.S. Dollar, the Japanese Yen and the Chinese Yuan.

Total shipments in 2024 were 13,752, an increase of 89 cars or 0.7 percent, compared to 13,663 in 2023. Our

product portfolio during the year included ten internal combustion engine (ICE) models and six hybrid engine models, which

represented 48.7 percent and 51.3 percent of shipments, respectively. Both the number of hybrid cars and the proportion of

hybrid cars to the total number of cars shipped continued to increase in 2024 compared to 2023, surpassing those of ICE

vehicles for the first time, in line with our strategy to integrate newly-introduced powertrain technologies more broadly into

our product portfolio. Shipments were mainly driven by the Purosangue, the Roma Spider and the 296 GTS, as well as our

first shipments of the SF90 XX family during the year and the 12Cilindri in the fourth quarter, while the 812 Competizione A

was approaching the end of its lifecycle and the Portofino M, the SF90 Stradale, the 812 GTS, the 812 Competizione and the

Roma were phased out during the year. Shipments of the Daytona SP3 increased year-over-year in line with our delivery

plans.

The €609 million increase in net revenues from cars and spare parts was composed of: (i) a €335 million increase in

Americas (ii) a €273 million increase in EMEA, and (iii) an €47 million increase in APAC, partially offset by (iv) a €46

million decrease in Mainland China, Hong Kong and Taiwan. The mix of net revenues by geography primarily reflects

deliberate volume and product allocation in different markets.

Sponsorship, commercial and brand

Net revenues generated from sponsorship, commercial agreements and brand management activities for 2024 were

€670 million, an increase of €98 million or 17.1 percent, compared to €572 million for 2023. The increase was primarily

attributable to new sponsorships and lifestyle activities.

Other

Other net revenues were €279 million for 2024 and for 2023, with higher revenues from financial services activities

substantially offset by the end of the supply of engines to Maserati.

2023 compared to 2022

Net revenues for 2023 were €5,970 million, an increase of €875 million or 17.2 percent (an increase of 17.1 percent

on a constant currency basis), compared to €5,095 million for 2022.

The increase in net revenues was attributable to the combination of (i) a €798 million increase in cars and spare

parts, (ii) a €73 million increase in sponsorship, commercial and brand and (iii) a €4 million increase in other revenues.

Cars and spare parts

Net revenues generated from cars and spare parts for 2023 were €5,119 million, an increase of €798 million or 18.5

percent, compared to €4,321 million for 2022.

The increase in net revenues from cars and spare parts was primarily attributable to a more favorable product and

country mix, higher contribution from personalization, higher volumes and pricing. Foreign currency exchange impact,

including hedging transactions, was slightly negative, mainly driven by the depreciation of the Japanese Yen and Chinese

Yuan, partially offset by the appreciation of the U.S. Dollar.

Total shipments for the year ended December 31, 2023 were 13,663, an increase of 442 cars or 3.3 percent,

compared to 13,221 for the year ended December 31, 2022. The deliveries of the year included 11 internal combustion engine

(ICE) models (including one ICE track car model) and 4 hybrid engine models, which represented 55.8 percent and 44.2

percent of shipments, respectively. Both the number of hybrid cars and the proportion of hybrid cars to the total number of

cars shipped more than doubled in 2023 compared to 2022, driven by the 296 and SF90 families. The increase in shipments

was also driven by the 812 Competizione family, the Purosangue, which was in ramp up phase in the second half of the year,

and the Portofino M, which was approaching the end of its lifecycle during the year, partially offset by lower shipments of

the 812 GTS and the Roma, as well as the F8 Tributo and F8 Spider, which were phased out in the first and fourth quarters of

the year, respectively. Shipments of the Daytona SP3 were in line with our delivery plans for this phase of its lifecycle and

we made our first shipments of the Roma Spider in the fourth quarter of 2023.

The €798 million increase in net revenues from cars and spare parts was composed of: (i) a €442 million increase in

EMEA driven primarily by favorable mix, shipments of the Daytona SP3 and higher contribution from personalization, (ii) a

€310 million increase in Americas and (iii) an €86 million increase in APAC, partially offset by (iv) a €40 million decrease in

Mainland China, Hong Kong and Taiwan. The mix of net revenues by geography primarily reflects deliberate volume and

product allocation in different markets.

Sponsorship, commercial and brand

Net revenues generated from sponsorship, commercial agreements and brand management activities for 2023 were

€572 million, an increase of €73 million, or 14.6 percent, compared to €499 million for 2022. The increase was primarily

attributable to new racing sponsorships, higher Formula 1 commercial revenues and a better Formula 1 ranking in 2022

compared to 2021, as well as the contribution from lifestyle activities.

Other

Other net revenues for 2023 were €279 million, an increase of €4 million or 1.4 percent, compared to €275 million

for 2022. The increase was mainly driven by an increase of financial services activities.

Cost of sales


	For the years ended December 31,						Increase/(Decrease)
	2024	Percentage of net revenues	2023	Percentage of net revenues	2022	Percentage of net revenues	2024 vs. 2023		2023 vs. 2022
	(€ million, except percentages)
Cost of sales	3,330	49.9%	2,996	50.2%	2,649	52.0%	334	11.1%	347	13.1%

2024 compared to 2023

Cost of sales for 2024 was €3,330 million, an increase of €334 million or 11.1 percent, compared to €2,996 million

for 2023. As a percentage of net revenues, cost of sales was 49.9 percent in 2024 compared to 50.2 percent in 2023.

The increase in cost of sales was primarily attributable to a change in product mix, higher industrial costs, as well as

racing and other supporting activities, partially offset by the end of the supply of engines to Maserati.

2023 compared to 2022

Cost of sales for 2023 was €2,996 million, an increase of €347 million or 13.1 percent, compared to €2,649 million

for 2022. As a percentage of net revenues, cost of sales was 50.2 percent in 2023 compared to 52.0 percent in 2022.

The increase in cost of sales was primarily attributable to a change in product mix, higher car volumes and higher

industrial costs (reflecting cost inflation and depreciation), as well as racing and other supporting activities, partially offset by

fewer engines sold to Maserati and foreign currency exchange impact.

Selling, general and administrative costs


	For the years ended December 31,						Increase/(Decrease)
	2024	Percentage of net revenues	2023	Percentage of net revenues	2022	Percentage of net revenues	2024 vs. 2023		2023 vs. 2022
	(€ million, except percentages)
Selling, general and administrative costs	561	8.4%	463	7.7%	428	8.4%	98	21.3%	35	8.1%

2024 compared to 2023

Selling, general and administrative costs for 2024 were €561 million, an increase of €98 million or 21.3 percent,

compared to €463 million for 2023. As a percentage of net revenues, selling, general and administrative costs were 8.4

percent in 2024 compared to 7.7 percent in 2023.

The increase in selling, general and administrative costs mainly reflects continuing initiatives for software, digital

infrastructure and organizational development, as well as brand investments.

2023 compared to 2022

Selling, general and administrative costs for 2023 were €463 million, an increase of €35 million or 8.1 percent,

compared to €428 million for 2022. As a percentage of net revenues, selling, general and administrative costs were 7.7

percent in 2023 compared to 8.4 percent in 2022.

The increase in selling, general and administrative costs mainly reflects continuing initiatives for digital

infrastructure and organizational development, as well as brand investments.

Research and development costs


	For the years ended December 31,						Increase/(Decrease)
	2024	Percentage of net revenues	2023	Percentage of net revenues	2022	Percentage of net revenues	2024 vs. 2023		2023 vs. 2022
	(€ million, except percentages)
Research and development costs expensed during the year	563	8.4%	539	9.1%	518	10.1%	24	4.5%	21	4.1%
Amortization of capitalized development costs	331	5.0%	343	5.7%	258	5.1%	(12)	(3.5%)	85	33.0%
Research and development costs	894	13.4%	882	14.8%	776	15.2%	12	1.4%	106	13.7%

2024 compared to 2023

Research and development costs for 2024 were €894 million, an increase of €12 million or 1.4 percent, compared to

€882 million for 2023. As a percentage of net revenues, research and development costs were 13.4 percent in 2024 compared

to 14.8 percent in 2023.

The increase of €12 million was primarily driven by an increase in research and development costs expensed of €24

million, driven by racing activities and our focus on continuous innovation, partially offset by a decrease in amortization of

capitalized development costs of €12 million, mainly driven by the phase-out of certain models.

2023 compared to 2022

Research and development costs for 2023 were €882 million, an increase of €106 million or 13.7 percent, compared

to €776 million for 2022. As a percentage of net revenues, research and development costs were 14.8 percent in 2023

compared to 15.2 percent in 2022.

The increase of €106 million was primarily attributable to (i) higher amortization of capitalized development costs

of €85 million driven by a general increase in capitalized development costs in recent years (€448 million in 2023 and €416

million in 2022) in line with our strategy to innovate and broaden our product portfolio, as well as by (ii) higher research and

development costs expensed of €21 million driven by Formula 1 and other racing activities.

Other expenses, net


	For the years ended December 31,			Increase/(Decrease)
	2024	2023	2022	2024 vs. 2023		2023 vs. 2022
	(€ million, except percentages)
Other income	22	11	13	11	99.1%	(2)	(12.0%)
Other expense	34	29	34	5	14.8%	(5)	(12.2%)
Other expenses, net	12	18	21	(6)	(34.2%)	(3)	(12.3%)

Other expenses primarily consist of indirect taxes, provisions and other miscellaneous expenses. Other income

primarily consists of rental income, gains on the disposal of property, plant and equipment and releases of previously

recognized provisions, as well as other miscellaneous income. The increase in other income in 2024 compared to 2023

primarily relates to indemnities received from suppliers.

Operating profit (EBIT)


	For the years ended December 31,						Increase/(Decrease)
	2024	Percentage of net revenues	2023	Percentage of net revenues	2022	Percentage of net revenues	2024 vs. 2023		2023 vs. 2022
	(€ million, except percentages)
Operating profit (EBIT)	1,888	28.3%	1,617	27.1%	1,227	24.1%	271	16.7%	390	31.8%

2024 compared to 2023

Operating profit (EBIT) for 2024 was €1,888 million, an increase of €271 million or 16.7 percent, compared to

€1,617 million for 2023. As a percentage of net revenues, operating profit (EBIT) increased from 27.1 percent in 2023 to 28.3

percent in 2024.

The increase in operating profit (EBIT) was primarily attributable to the combined effects of (i) positive volume

impact of €7 million, (ii) €386 million of positive product mix, sustained by the Daytona SP3 and a few units of the 499P

Modificata, as well as higher contribution from personalizations and positive country mix driven by the Americas, (iii)

negative contribution of €12 million from research and development costs, (iv) negative contribution of €98 million from

selling, general and administrative costs, (v) positive contribution of €70 million driven by new sponsorships and lifestyle

activities, partially offset by higher costs due to the better 2024 Formula 1 season ranking, and (vi) negative foreign currency

exchange impact of €82 million (including foreign currency hedging instruments), mainly driven by the U.S. Dollar, the

Japanese Yen and the Chinese Yuan.

2023 compared to 2022

Operating profit (EBIT) for 2023 was €1,617 million, an increase of €390 million or 31.8 percent, compared to

€1,227 million for 2022. As a percentage of net revenues, operating profit (EBIT) increased from 24.1 percent in 2022 to 27.1

percent in 2023.

The increase in operating profit (EBIT) was primarily attributable to the combined effects of (i) positive volume

impact of €42 million (as further described in revenues above), (ii) positive product and country mix impact of €461 million,

sustained by the Daytona SP3, the 812 Competizione and the SF90 families, as well as by the contribution from the Americas

and Mainland China, Hong Kong and Taiwan and a higher contribution from personalization and pricing, (iii) negative

contribution of €106 million from research and development costs, (iv) negative contribution of €35 million from selling,

general and administrative costs, (v) positive contribution of €13 million from the combined effects of higher Formula 1

commercial revenues, a better Formula 1 ranking in 2022 compared to 2021, new racing sponsorships and a higher

contribution from lifestyle activities, as well as a partial release of environmental provisions as a result of more favorable

market conditions for car emissions credits, partially offset by higher industrial costs, reflecting the effects of cost inflation

and higher depreciation and amortization, and (vi) positive foreign currency exchange impact of €15 million (including

foreign currency hedging instruments).

Financial (income)/expenses, net


	For the years ended December 31,			Increase/(Decrease)
	2024	2023	2022	2024 vs. 2023		2023 vs. 2022
	(€ million, except percentages)
Financial income	147	132	84	15	11.2%	48	57.8%
Financial expenses	146	147	133	(1)	(1.0%)	14	10.4%
Financial (income)/expenses, net	(1)	15	49	(16)	(108.0%)	(34)	(69.7%)

2024 compared to 2023

Financial income, net was €1 million for 2024 compared to financial expenses, net of €15 million for 2023. The net

change was primarily attributable to an increase in financial income of €15 million, mainly driven by (i) positive net foreign

currency exchange impact (including the net costs of hedging) and (ii) higher interest income on cash and cash equivalents,

partially offset by (iii) a decrease in gains recognized on the cash tender of bonds (no cash tenders of bonds were made in

1 The Patent Box regime firstly introduced by the Italian Law No. 190/2014 was implemented by the Group from 2020 to 2024, recognizing the tax benefit

over three annual installments. The new Patent Box regime regulated by Law Decree No. 146, effective from October 22, 2021, provides for a 110% super

tax deduction for costs relating to eligible intangible assets and allows for a transitional period where both regimes coexist.

2024 while in the third quarter of 2023 we executed a partial cash tender on a bond due in 2025, resulting in gains in 2023 of

€8 million).

2023 compared to 2022

Financial expenses, net for 2023 decreased to €15 million compared to €49 million for 2022. The decrease in

financial expenses, net was driven by (i) foreign currency exchange impact (including the net costs of hedging), (ii) higher

interest income on cash and cash equivalents and (iii) gains realized on the partial cash tender executed during the third

quarter of 2023 on a bond due in 2025 (€8 million).

Income tax expense


	For the years ended December 31,			Increase/(Decrease)
	2024	2023	2022	2024 vs. 2023		2023 vs. 2022
	(€ million, except percentages)
Income tax expense	363	345	239	18	5.3%	106	44.6%

2024 compared to 2023

Income tax expense for 2024 was €363 million, an increase of €18 million, compared to €345 million for 2023.

Income taxes for both years benefited from the coexistence of two Patent Box tax regimes, which provide tax benefits for

companies using intangible assets. 1 See Note 10 “Income Taxes” to the Consolidated Financial Statements included

elsewhere in this Report for additional information related to the Patent Box tax regime in Italy.

The increase in income tax expense was primarily attributable to an increase in profit before taxes, partially offset by

a decrease of the effective tax rate.

The effective tax rate was 19.2 percent in 2024 compared to 21.5 percent in 2023, mainly reflecting the coexistence

of the two aforementioned Patent Box tax regimes, with a greater effect of the new regime in 2024 compared to 2023.

2023 compared to 2022

Income tax expense for 2023 was €345 million, an increase of €106 million, compared to €239 million for 2022.

Income taxes for both years benefited from the application of the Patent Box regime. See Note 10 “Income Taxes” to the

Consolidated Financial Statements included elsewhere in this Report for additional information related to the Patent Box tax

regime in Italy.

The increase in income tax expense was primarily attributable to an increase in profit before taxes in 2023 compared

to 2022.

The effective tax rate was 21.5 percent in 2023 compared to 20.2 percent in 2022, mainly reflecting the estimate of

the benefit attributable to the Patent Box, the Allowance for Corporate Equity (ACE) and tax incentives for eligible research

and development costs and investments.

Liquidity and Capital Resources

Liquidity Overview

We require liquidity in order to fund our operations, meet our obligations, make capital investments and reward our

shareholders. Short-term liquidity is required, among others, to purchase raw materials, parts, components and utilities,

mainly for the production of our cars, as well as for personnel and other operating costs. In addition to our general working

capital and operational needs, we require cash for capital investments to support continuous product portfolio renewal and

expansion, as well as for research and development activities aimed at continually innovating and improving our cars,

including the enrichment of our product portfolio with hybrid and electric technology. We also make investments to enhance

manufacturing efficiency, improve capacity, implement sustainability initiatives, ensure environmental and regulatory

compliance and carry out maintenance activities, among others. We fund our capital expenditure primarily with cash

generated from our operating activities. We also use liquidity to reward our shareholders through dividends and share

repurchases. For example, in 2024 we distributed dividends of €440 million to owners and made common share repurchases

of €581 million, together representing nearly 100 percent of our Industrial Free Cash Flow from Industrial Activities for the

year of €1,027 million. For additional information relating to Free Cash Flow from Industrial Activities, which is a non-

GAAP financial measures, see “—Non-GAAP Financial Measures”.

We centrally manage our operating cash management, liquidity and cash flow requirements with the objective of

ensuring effective and efficient management of our funds. We believe that our cash generation together with our available

liquidity, including committed credit lines granted from primary financial institutions, supported by the access to debt capital

markets, will be sufficient to meet our short-term and long-term liquidity requirements. See the “Net Debt and Net Industrial

Debt” section below for additional details relating to our liquidity.

Cyclical Nature of Our Cash Flows

Our working capital is subject to month to month fluctuations due to, among other things, production and sales

volumes, our financial services activities, the timing of capital expenditures and, to a lesser extent, tax payments. In

particular, our inventory levels generally increase in the periods leading up to the launch of new models, during the phase out

of existing models when we build up spare parts, and at the end of the second quarter when our inventory levels are generally

higher to support the summer plant shutdown. Inventory levels are also adjusted as we deem necessary for agile supply chain

management requirements.

We generally receive payment for cars between 30 and 40 days after the car is shipped (or earlier when sales

financing arrangements are utilized by us or by our dealers), while we generally pay most suppliers between 60 and 70 days

after we receive the raw materials, components or other goods and services. Additionally, we also receive advance payments

from our customers, mainly for our Icona, limited edition and Special Series models, as well as certain Range models in

selected markets. We maintain sufficient inventory of raw materials and components to ensure continuity of our production

lines, however delivery of most raw materials and components takes place monthly or more frequently in order to minimize

inventories. The manufacture of one of our cars typically takes between 30 and 45 days, depending on the level of automation

of the relevant production line, and the car is generally shipped to our dealers three to six days following the completion of

production, although in certain regions we may warehouse cars for longer periods of time to ensure prompt deliveries. As a

result of the above, including the advances received from customers for certain car models, we tend to receive payment for

cars shipped before or around the time we are required to make payments for the raw materials, components or other

materials used in the manufacturing of our cars. However, the advances we collect on cars may be subject to timing

differences from period to period as a result of the number of models in our product portfolio for which we collect advances

and the stage of their lifecycle at a given point in time, which ultimately impacts our working capital.

Our investments for capital expenditure and research and development are, among other factors, influenced by the

timing and number of new models launches. Our development costs, as well as our other investments in capital expenditure,

generally peak when we develop a significant number of new models to renew or expand our product portfolio. Our

investments in research and development are also influenced by the timing of research costs for our Formula 1 activities, for

which expenditure in a normal season is generally higher in the first and last quarters of the year, and also depends on the

evolution of the applicable Formula 1 technical regulations, as well as the number and cadence of races during the course of

the racing season. We are currently undergoing a period of structurally higher capital spending as we broaden our car

architectures, prioritize innovation and advanced technologies, and integrate hybrid and electric powertrains into our product

portfolio. We also continue to make significant capital investments in operating assets and infrastructure projects that are

important for our continued growth and development, including for the ongoing construction of our new paint shop.

The payment of income taxes also affects our cash flows. We pay the first tax advance payment in the second and/or

third quarter of the year, together with the remaining tax balance due for the previous year, and the remaining part of the

advance payment in the third and/or fourth quarter. Our income tax expense and tax payments in 2024, 2023 and 2022

benefited from applying the Patent Box tax regime in Italy. See Note 10 “Income Taxes” to the Consolidated Financial

Statements included elsewhere in this document for additional information related to the Patent Box tax regime in Italy.

Cash Flows

The following table summarizes the cash flows from/(used in) operating, investing and financing activities for each

of the years ended December 31, 2024 , 2023 and 2022. For additional details of our cash flows, see our Consolidated

Financial Statements included elsewhere in this document.


	For the years ended December 31,
	2024	2023	2022
	(€ million)
Cash and cash equivalents at beginning of the year	1,122	1,389	1,344
Cash flows from operating activities	1,927	1,717	1,403
Cash flows used in investing activities	(987)	(867)	(805)
Cash flows used in financing activities	(325)	(1,109)	(554)
Translation exchange differences	5	(8)	1
Total change in cash and cash equivalents	620	(267)	45
Cash and cash equivalents at end of the year	1,742	1,122	1,389

2024 compared to 2023

For the year ended December 31, 2024 cash and cash equivalents held by the Group increased by €620 million

compared to a decrease in cash and cash equivalents of €267 million for the year ended December 31, 2023. The difference in

the net change in cash and cash equivalents in 2024 compared to 2023 of positive €887 million was mainly attributable to the

combined effects of:

(i) a decrease in cash flows used in financing activities of €784 million in 2024 compared to 2023, driven by (i) an

increase in proceeds from debt of €677 million, (ii) a decrease in repayments of debt of €338 million, partially offset

by (iii) an increase in dividends paid to owners of €111 million and (iv) an increase in share repurchases of €120

million; and

(ii) an increase in cash flows from operating activities of €210 million in 2024 compared to 2023, primarily driven by an

increase in net profit excluding non-cash items of €276 million, a decrease in cash absorbed from inventories, trade

receivables and trade payables of €56 million and (iii) lower net finance costs paid of €50 million, partially offset by

(iv) higher income tax paid of €117 million and (v) a decrease from other operating assets and liabilities of €69

million ;

partially offset by:

(iii) an increase in cash flows used in investing activities of €120 million in 2024 compared to 2023, driven by higher

investments in property, plant and equipment and intangible assets, reflecting our initiatives for the development of

new models, components and infrastructure.

100

2023 compared to 2022

For the year ended December 31, 2023 cash and cash equivalents held by the Group decreased by €267 million

compared to an increase in cash and cash equivalents of €45 million for the year ended December 31, 2022. The difference in

the net change in cash and cash equivalents in 2023 compared to 2022 of negative €312 million was primarily attributable to

the combined effects of:

(i) an increase in cash flows from operating activities of €314 million in 2023 compared to 2022, driven by an increase

in net profit excluding non-cash items of €506 million, partially offset by higher absorption of cash for working

capital, mainly due to an increase in inventories driven by production planning and an enriched product mix, as well

as by lower collection of advances for cars in 2023 compared to 2022, which benefited from the collection of

advances for the Daytona SP3;

partially offset by:

(ii) an increase in cash flows used in investing activities of €62 million in 2023 compared to 2022, driven by higher

investments in property, plant and equipment and intangible assets, reflecting our initiatives for the development of

new models, components and infrastructure; and

(iii) an increase in cash flows used in financing activities of €555 million in 2023 compared to 2022, driven by (i) higher

repayments of debt of €583 million (€751 million in 2023 compared to €168 million in 2022), (ii) higher dividends

paid of €82 million (€334 million in 2023 compared to €252 million in 2022) and (iii) higher share repurchases of

€64 million (€461 million in 2023 compared to €397 million in 2022), partially offset by (iv) an increase in proceeds

from debt of €174 million (€436 million in 2023 compared to €262 million in 2022).

Please refer to the following discussion and to the Consolidated Statement of Cash Flows included elsewhere in this

document for additional information related to our cash flows.

A summary of the cash flows from or used in operating, investing and financing activities for each year is provided

below.

Operating Activities — Year Ended December 31, 2024

For the year ended December 31, 2024, our cash flows from operating activities were €1,927 million, primarily

attributable to:

(i) net profit of €1,526 million, adjusted for €667 million for depreciation and amortization expense, €363 million of

income tax expense and net other non-cash expenses of €165 million (mainly related to provisions, allowances,

share-based compensation expense and the result from investments accounted for using the equity method); and

partially offset by:

(i) €244 million of cash absorbed from the net change in inventories, trade receivables and trade payables, attributable

to inventories for €158 million mainly driven by an enriched product mix and trade receivables for €94 million

mainly driven by product mix and sponsorship agreements, partially offset by higher trade payables for €8 million;

(ii) €119 million related to cash absorbed by receivables from financing activities driven by an increase in the financial

services portfolio due to volume growth;

(iii) €20 million of cash absorbed from the change in other operating assets and liabilities;

(iv) €1 million of net finance costs paid; and

(v) €410 million of income tax paid.

101

Operating Activities — Year Ended December 31, 2023

For the year ended December 31, 2023, our cash flows from operating activities were €1,717 million, primarily

attributable to:

(i) net profit of €1,257 million , adjusted for €345 million of income tax expense, €662 million for depreciation and

amortization expense, €147 million of financial expenses, €132 million of financial income and net other non-cash

expenses of €139 million (mainly related to provisions, allowances, share-based compensation expense and the

result from investments accounted for using the equity method);

(ii) €49 million of cash generated from the change in other operating assets and liabilities, primarily driven by advances

received for our cars; and

partially offset by:

(i) €300 million of cash absorbed from the net change in inventories, trade receivables and trade payables, attributable

to inventories for €310 million driven by production planning and an enriched product mix and trade receivables for

€33 million, partially offset by trade payables for €43 million;

(ii) €107 million related to cash absorbed by receivables from financing activities driven by an increase in the financial

services portfolio due to volume growth;

(iii) €51 million of net finance costs paid; and

(iv) €292 million of income tax paid.

Operating Activities — Year Ended December 31, 2022

For the year ended December 31, 2022, our cash flows from operating activities were €1,403 million, primarily

attributable to:

(i) net profit of €939 million, adjusted for €238 million of income tax expense, €546 million for depreciation and

amortization expense, €133 million of financial expenses, €84 million of financial income and net other non-cash

expenses and income of €112 million (mainly related to provisions, allowances, share-based compensation expense

and the result from investments accounted for using the equity method); and

(ii) €140 million of cash generated from the change in other operating assets and liabilities, primarily driven by

advances received for the Ferrari Daytona SP3 and the 812 Competizione A;

partially offset by:

(i) €305 million of income tax paid;

(ii) €188 million of cash absorbed by receivables from financing activities, driven by an increase in the financial

services portfolio;

(iii) €98 million of cash absorbed from the net change in inventories, trade receivables and trade payables, primarily

attributable to higher overall volumes; and

(iv) €32 million of net finance costs paid.

Investing Activities — Year Ended December 31, 2024

For the year ended December 31, 2024 our net cash used in investing activities was €987 million, primarily

attributable to capital expenditures of (i) €507 million for intangible assets, mainly related to externally acquired and

102

internally generated development costs, and (ii) €482 million for property, plant and equipment. For a detailed analysis of

additions to intangible assets and property, plant and equipment see “—Capital Expenditures” below.

Investing Activities — Year Ended December 31, 2023

For the year ended December 31, 2023, our net cash used in investing activities was €867 million, primarily

attributable to capital expenditures of: (i) €487 million for intangible assets, mainly related to externally acquired and

internally generated developments costs, and (ii) €382 million for property, plant and equipment. For a detailed analysis of

additions to intangible assets and property, plant and equipment see “—Capital Expenditures” below.

Investing Activities — Year Ended December 31, 2022

For the year ended December 31, 2022, our net cash used in investing activities was €805 million, primarily

attributable to: (i) €457 million of additions to intangible assets and, (ii) €348 million of additions to property, plant and

equipment. For a detailed analysis of additions to intangible assets and property, plant and equipment see “—Capital

Expenditures” below.

Financing Activities — Year Ended December 31, 2024

For the year ended December 31, 2024, net cash used in financing activities was €325 million, primarily attributable

to:

(i) €581 million to repurchase common shares under the Company’s share repurchase program (including the Sell-to-

Cover practice under the Group’s equity incentive plans);

(ii) €445 million of dividends paid (of which €5 million was to non-controlling interests);

(iii) €244 million for repayments related to our revolving securitization programs in the United States;

(iv) €105 million for repayments of borrowings from banks and other financial institutions; and

(v) €62 million for repayments of lease liabilities and other debt;

partially offset by:

(vi) €496 million in proceeds from the issuance of a new bond with a principal amount of €500 million due in 2030;

(vii) €340 million in proceeds related to our revolving securitization programs in the United States;

(viii) €225 million in proceeds from bank borrowings; and

(ix) €51 million in proceeds from other debt.

Financing Activities — Year Ended December 31, 2023

For the year ended December 31, 2023, net cash used in financing activities was €1,109 million, primarily attributable to:

(i) €385 million for the full repayment upon maturity of a bond previously issued in 2016 and €191 million for the

partial repayment of a bond due in 2025 following a tender offer by the Group;

(ii) €461 million to repurchase common shares under the Company’s share repurchase program (including the “Sell-to-

Cover” practice under the equity incentive plans);

(iii) €334 million of dividends paid (of which €329 million was to owners of the parent and €5 million was to non-

controlling interests);

103

(iv) €73 million of repayments of borrowings from banks and other financial institutions, and

(v) €18 million for repayments of lease liabilities;

partially offset by:

(i) €250 million of proceeds from borrowings from banks and other financial institutions; and

(ii) €102 million of proceeds net of repayments related to our revolving securitization programs in the United States

(proceeds of €151 million and repayments of €49 million).

Financing Activities — Year Ended December 31, 2022

For the year ended December 31, 2022, our net cash used in financing activities was €554 million, primarily

attributable to:

(i) €397 million to repurchase common shares under the Company’s share repurchase program (including the “Sell-to-

Cover” practice under the equity incentive plans);

(ii) €252 million of dividends paid (of which €250 million was to owners of the parent and €2 million was to non-

controlling interests);

(iii) €46 million related to the net change in borrowings to banks and other financial institutions; and

(iv) €17 million in repayments of lease liabilities;

partially offset by:

(i) €146 million of proceeds net of repayments related to our revolving securitization programs in the United States;

and

(ii) €12 million related to the net change in other debt.

Capital Expenditures

Capital expenditures are defined as additions to property, plant and equipment (including right-of-use assets

recognized in accordance with IFRS 16 — Leases) and intangible assets. Our capital investments generally focus on efforts to

support continuous product portfolio renewal and expansion, including for the required infrastructure, as well as development

activities aimed at continually innovating and improving our cars, including the integration of hybrid and electric engine

technology more broadly into our product portfolio. We expect that our capital expenditures in the next few years will

continue to be primarily focused on broadening and innovating our product range, consistent with our plans to launch 15

models over the period from 2023 to 2026, as well as on infrastructure investments to further enhance our technological edge

with innovation and the development of core components in house.

104

Capital expenditures for the years ended December 31, 2024, 2023 and 2022 were €1,064 million , €911 million and

€824 million, respectively.

The following table sets forth a breakdown of capital expenditures by category for each of the years ended

December 31, 2024, 2023 and 2022:


	For the years ended December 31,
	2024	2023	2022
	(€ million)
Intangible assets
Externally acquired and internally generated development costs	476	448	416
Patents, concessions and licenses	26	24	31
Other intangible assets	5	15	10
Total intangible assets	507	487	457
Property, plant and equipment
Land and industrial buildings	58	32	18
Plant, machinery and equipment	105	113	154
Other assets	61	36	27
Advances and assets under construction	333	243	168
Total property, plant and equipment	557	424	367
of which leases recognized in accordance with IFRS 16	75	42	19
Total capital expenditures	1,064	911	824

Intangible assets

Our total capital expenditures for intangible assets for the year ended December 31, 2024 were €507 million ( €487

million and €457 million for the years ended December 31, 2023 and 2022, respectively).

The most significant investments in intangible assets relate to externally acquired and internally generated

development costs. In particular, we make such investments to support the development of our current and future product

offering. The capitalized development costs primarily include materials and personnel costs relating to the engineering,

design and development activities focused on content enhancement of existing cars and new models, including to broaden

and innovate our product portfolio and our ongoing investments in advanced technologies (including hybrid and electric), as

well as the development of key components used in our cars, which are necessary to provide continuing performance

upgrades to our customers and which we expect to continue to develop primarily in-house.

In recent periods, our capitalized developments costs have significantly increased for the aforementioned initiatives

from €416 million in 2022 to €448 million in 2023 and €476 million in 2024. This has contributed to an increase in the

proportion of capitalized development costs compared to total research and development incurred due to the effects of the

advancement through the stages of development for many of the technologies we are creating. In particular, capitalized

development costs as a proportion of total research and development incurred (both capitalized and expensed) increased to

45.8 percent in 2024 compared to 45.4 percent in 2023 and 44.5 percent in 2022.

For the year ended December 31, 2024, we invested €476 million in externally acquired and internally generated

development costs, of which €283 million primarily related to the development of models to be launched in future years and

€193 million primarily related to the development of our current product portfolio and components.

For the year ended December 31, 2023, we invested €448 million in externally acquired and internally generated

development costs, of which €286 million primarily related to the development of models to be launched in future years and

€162 million primarily related to the development of our current product portfolio and components.

105

For the year ended December 31, 2022, we invested €416 million in externally acquired and internally generated

development costs, of which €301 million primarily related to the development of models to be launched in future years and

€115 million primarily related to the development of our current product portfolio and components.

Property, plant and equipment

Our total capital expenditures in property, plant and equipment for the year ended December 31, 2024 were €557

million (€424 million and €367 million for the years ended December 31, 2023 and 2022, respectively), of which €75 million

related to right-of-use assets (€42 million and 19 million for the years ended December 31, 2023 and 2022, respectively).

For the years ended December 31, 2024, 2023 and 2022 , we made significant investments in infrastructures in line

with our growth plans and our focus on the renewal and broadening of our product portfolio and supporting future model

launches. In particular, we made investments:

• for our new e-building, which was inaugurated in June 2024;

• in car and engine production lines (including for models to be launched in future years), as well as in our

personalization programs; and

• the new paint shop.

At December 31, 2024, the Group had contractual commitments for the purchase of property, plant and equipment

amounting to €397 million (€115 million at December 31, 2023). The increase in contractual commitments reflects the

aforementioned period of structurally higher capital spending as we make investments in infrastructure projects, including the

new paint shop, as well as broaden our car architectures, prioritize innovation and advanced technologies, and enrich our

product portfolio with hybrid and electric powertrains.

Contractual Obligations

The following table summarizes payments due under our significant contractual commitments at December 31,

2024:


	Payments due by period
	Less than 1 year	1 to 3 years	3 to 5 years	After 5 years	Total
	(€ million)
Long-term debt (1)	1,176	739	375	800	3,090
Interest on long-term debt (2)	80	82	51	13	226
Lease obligations (principal) (3)	26	39	26	35	126
Lease obligations (interest)	3	5	3	3	14
Unconditional minimum purchase obligations (4)	112	56	46	—	214
Purchase obligations (5)	307	90	—	—	397
Total contractual obligations	1,704	1,011	501	851	4,067

_____________________________

(1)Amounts presented relate to the principal amounts of long-term debt, excluding lease liabilities and the related interest expense that will be paid when

due. For additional information see Note 24 “Debt” to our Consolidated Financial Statements included elsewhere in this document. The table above

does not include short-term debt obligations. See the table below for a reconciliation of the contractual commitments of our long-term debt to the debt

recognized in the consolidated statement of financial position included within our Consolidated Financial Statements.

(2)Amounts include interest payments based on the contractual terms and current interest rates on our long-term debt. Where interest rates are variable,

they were determined using the rates in effect at December 31, 2024.

(3)Lease obligations mainly relate to leases for Ferrari stores, industrial buildings and certain other leased assets used in our business.

(4)Unconditional minimum purchase obligations relate to our unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/

or services from suppliers with fixed and determinable price provisions. From time to time, in the ordinary course of our business, we enter into

various arrangements with key suppliers in order to establish strategic and technological advantages. In particular, such agreements primarily relate

to research and development activities and, to a lesser extent, tooling obligations. This amount also includes unconditional purchase obligations to

purchase a minimum quantity of goods and/or services in connection with certain of our sponsorship contracts.

(5)Purchase obligations represent obligations to purchase property, plant and equipment.

106

The long-term debt obligations reflected in the table above can be reconciled to the amount recognized in the

consolidated statement of financial position at December 31, 2024 (in our Consolidated Financial Statements included

elsewhere in this document) as follows:


	(€ million)
Debt	3,352
Short-term debt obligations	(124)
Lease liabilities	(126)
Accrued interest and amortized cost effects	(12)
Long-term debt	3,090

Pension, post-employment benefits and other provisions for employees

We provide post-employment benefits for certain active employees and retirees of the Group. We classify these

benefits on the basis of the type of benefit provided and in particular as defined contribution plans, defined benefit obligations

or other provisions for employees. At December 31, 2024, the liability for such obligations amounted to €134 million (€123

million at December 31, 2023). See Note 22 “Employee benefits” to the Consolidated Financial Statements included

elsewhere in this document.

Other commitments and obligations

We have entered into various arrangements with unconsolidated third parties in the ordinary course of business

under which we have certain commitments and obligations that are not currently reported as obligations in our consolidated

statement of financial position. For additional information see Note 29 “Commitments” to the Consolidated Financial

Statements included elsewhere in this document.

Non-GAAP Financial Measures

We monitor and evaluate our operating and financial performance and financial position using several non-GAAP

financial measures, including several adjusted measures which present how the underlying business has performed prior to

the impact of adjusting items, which may obscure the underlying performance and impair comparability of results between

periods. We believe that these non-GAAP financial measures provide useful and relevant information to management and

investors regarding our performance and improve the ability to assess our financial performance and financial position. They

also provide us with comparable measures that facilitate management’s ability to identify operational trends, as well as make

decisions regarding future spending, resource allocations and other operational decisions. Management also uses these

measures for budgeting and business plans, performance monitoring, management remuneration and external reporting

purposes.

In particular, we present the following non-GAAP financial measures, which are further described below: EBITDA,

Adjusted EBITDA, Adjusted Operating Profit (Adjusted EBIT), Adjusted Net Profit, Adjusted Basic Earnings per Common

Share, Adjusted Diluted Earnings per Common Share, Net Debt, Net Industrial Debt, Free Cash Flow and Free Cash Flow

from Industrial Activities, as well as a number of financial metrics measured on a constant currency basis.

While similar measures are widely used in the industry in which we operate, the non-GAAP financial measures we

use may not be comparable to other similarly titled measures used by other companies nor are they intended to be substitutes

for measures of financial performance or financial position as prepared in accordance with IFRS Accounting Standards.

EBITDA and Adjusted EBITDA

EBITDA is defined as net profit before income tax expense, financial (income)/expenses, net and amortization and

depreciation. Adjusted EBITDA is defined as EBITDA as adjusted for certain income and costs, which are significant in

nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.

107

The following table sets forth the calculation of EBITDA and Adjusted EBITDA for the years ended December 31,

2024, 2023 and 2022, and provides a reconciliation of these non-GAAP measures to net profit. There were no adjustments

impacting Adjusted EBITDA, therefore Adjusted EBITDA was equal to EBITDA for the periods presented.


	For the years ended December 31,
	2024	2023	2022
	(€ million)
Net profit	1,526	1,257	939
Income tax expense	363	345	239
Financial (income)/expenses, net	(1)	15	49
Operating profit (EBIT)	1,888	1,617	1,227
Amortization and depreciation	667	662	546
EBITDA	2,555	2,279	1,773
Adjustments	—	—	—
Adjusted EBITDA	2,555	2,279	1,773

108

Adjusted Operating Profit (Adjusted EBIT)

Adjusted Operating Profit (Adjusted EBIT) represents operating profit (EBIT) as adjusted for certain income and

costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing

operational activities.

The following table presents operating profit (EBIT) and Adjusted Operating Profit (Adjusted EBIT) for the years

ended December 31, 2024, 2023 and 2022 . There were no adjustments impacting Operating Profit (EBIT), therefore Adjusted

Operating Profit (Adjusted EBIT) was equal to operating profit (EBIT) for the periods presented.


	For the years ended December 31,
	2024	2023	2022
	(€ million)
Operating profit (EBIT)	1,888	1,617	1,227
Adjustments	—	—	—
Adjusted Operating Profit (Adjusted EBIT)	1,888	1,617	1,227

Adjusted Net Profit

Adjusted Net Profit represents net profit as adjusted for certain income and costs (net of tax effects) which are

significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational

activities.

The following table presents net profit and Adjusted Net Profit for the years ended December 31, 2024, 2023 and

2022. There were no adjustments impacting net profit, therefore Adjusted Net Profit was equal to net profit for the periods

presented.


	For the years ended December 31,
	2024	2023	2022
	(€ million)
Net profit	1,526	1,257	939
Adjustments	—	—	—
Adjusted Net Profit	1,526	1,257	939

109

Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share

Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share represent earnings

per share, as adjusted for certain income and costs (net of tax effects) which are significant in nature, expected to occur

infrequently, and that management considers not reflective of ongoing operational activities.

The following table presents Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per

Common Share for the years ended December 31, 2024, 2023 and 2022. There were no adjustments impacting basic Earnings

per common share and diluted earnings per common share, therefore Adjusted Basic Earnings per Common Share and

Adjusted Diluted Earnings per Common Share were equal to basic earnings per common share and diluted earnings per

common share for the periods presented.


		For the years ended December 31,
		2024	2023	2022
Net profit attributable to owners of the Company	€ million	1,522	1,252	933
Weighted average number of common shares for basic earnings per share	thousand	179,743	181,220	182,836
Basic earnings per common share	€	8.47	6.91	5.11
Adjustments	€	—	—	—
Adjusted Basic Earnings per Common Share	€	8.47	6.91	5.11

Weighted average number of common shares for diluted earnings per share(1)	thousand	179,992	181,511	183,121
Diluted earnings per common share	€	8.46	6.90	5.09
Adjustments	€	—	—	—
Adjusted Diluted Earnings per Common Share	€	8.46	6.90	5.09

_____________________________

(1) For the years ended December 31, 2024, 2023 and 2022, the weighted average number of common shares for diluted earnings per common share

includes the theoretical effect of the potential common shares that would be issued for outstanding share-based awards granted by the Group

(assuming 100 percent of the target awards vested).

See Note 12 “Earnings per Share” to the Consolidated Financial Statements, included elsewhere in this document,

for the calculation of the basic earnings per common share and diluted earnings per common share.

Net Debt and Net Industrial Debt

Due to different sources of cash flows used for the repayment of debt between industrial activities and financial

services activities, and the different business structure and leverage implications, Net Industrial Debt, together with Net Debt,

are the primary measures used by us to analyze our capital structure and financial leverage.

• Net Debt is defined as debt less cash and cash equivalents and is composed of Net Industrial Debt and Net Debt of

Financial Services Activities, which are both defined below.

• Net Industrial Debt is defined as debt of our industrial activities less cash and cash equivalents of our industrial

activities. Net Industrial Debt represents our Net Debt less our Net Debt of Financial Services Activities (as defined

below). Industrial activities include all of the Group’s activities except for those relating to financial services

activities, which are further described below.

• Net Debt of Financial Services Activities is defined as debt of our financial services activities less cash and cash

equivalents of our financial services activities. The Group’s financial services activities relate to its fully owned

subsidiary Ferrari Financial Services Inc., whose primary business is to offer retail client financing for the sale of

Ferrari cars in the United States and to manage the related financial receivables portfolio. The Net Debt of Financial

Services Activities primarily relates to our asset-backed financing (securitizations) of the receivables generated by

our financial services activities in the United States.

110

The following table sets presents our Net Debt, Net Debt of Financial Services Activities and Net Industrial Debt at

December 31, 2024 and 2023.


	At December 31,
	2024			2023
	Group	Financial Services Activities	Industrial Activities	Group	Financial Services Activities	Industrial Activities
	(€ million)
Bonds and notes	(1,413)	—	(1,413)	(904)	—	(904)
Asset-backed financing (Securitizations)	(1,342)	(1,342)	—	(1,166)	(1,166)	—
Borrowings from banks and other financial institutions	(415)	(63)	(352)	(291)	(73)	(218)
Lease liabilities	(126)	—	(126)	(73)	—	(73)
Other debt	(56)	(51)	(5)	(43)	(42)	(1)
Total debt with third parties	(3,352)	(1,456)	(1,896)	(2,477)	(1,281)	(1,196)

Intercompany (1)	—	(29)	29	—	(9)	9
Total debt, net of intercompany	(3,352)	(1,485)	(1,867)	(2,477)	(1,290)	(1,187)

Cash and cash equivalents	1,742	55	1,687	1,122	34	1,088

Net Debt	(1,610)	(1,430)	(180)	(1,355)	(1,256)	(99)

_____________________________

(1) Represents intercompany (debt)/receivables between industrial activities and financial services activities.

For additional information relating to our total debt, see Note 24 “Debt” to the Consolidated Financial Statements

included elsewhere in this document.

The Net Debt of Financial Services Activities primarily relates to our asset-backed financing (securitizations) of the

receivables generated by our financial services activities in the United States. The latter amounted to €1,662 million and

€1,451 million at December 31, 2024 and 2023, respectively. For further details relating to our receivables from financing

activities and our asset-backed financing (securitizations), see Note 18 “Current Receivables and Other Current Assets” and

Note 24 “Debt” to the Consolidated Financial Statements included elsewhere in this document.

Cash and cash equivalents

Cash and cash equivalents amounted to €1,742 million at December 31, 2024 compared to €1,122 million at

December 31, 2023. See “—Cash Flows” above for further details.

At December 31, 2024, 88 percent of our cash and cash equivalents were denominated in Euro (80 percent at

December 31, 2023). Our cash and cash equivalents denominated in currencies other than the Euro are available mostly to

Ferrari S.p.A. and certain subsidiaries which operate in areas other than the Eurozone. Cash held in such countries may be

subject to transfer restrictions depending on the jurisdictions in which these subsidiaries operate. In particular, cash held in

China (including in currencies other than the Chinese Yuan), which amounted to €63 million at December 31, 2024 (€81

million at December 31, 2023), is subject to certain repatriation restrictions and may only be repatriated as a repayment of

payables or debt, or as dividends or capital distributions. We do not currently believe that such transfer restrictions have an

adverse impact on our ability to meet our liquidity requirements.

111

The following table sets forth an analysis of the currencies in which our cash and cash equivalents were

denominated at the dates presented.


	At December 31,
	2024	2023
	(€ million)
Euro	1,536	895
U.S. Dollar	108	97
Chinese Yuan	63	81
Swiss Franc	12	11
Pound Sterling	8	20
Other currencies	15	18
Total	1,742	1,122

Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions

regarding its use and is primarily applied to repay principal and interest of the related funding. Such cash amounted to €54

million at December 31, 2024 (€32 million at December 31, 2023).

Total available liquidity

Total available liquidity (defined as cash and cash equivalents plus undrawn committed credit lines) at December 31,

2024 was €2,292 million (€1,722 million at December 31, 2023).

The following table summarizes our total available liquidity:


	At December 31,
	2024	2023
	(€ million)
Cash and cash equivalents	1,742	1,122
Undrawn committed credit lines	550	600
Total available liquidity	2,292	1,722

The undrawn committed credit lines at December 31, 2024 and 2023 relate to revolving credit facilities. For further

details, see Note 24 “Debt” to the Consolidated Financial Statements included elsewhere in this document.

Free Cash Flow and Free Cash Flow from Industrial Activities

Free Cash Flow and Free Cash Flow from Industrial Activities are two of our primary key performance indicators to

measure the Group’s performance and cash flow generation. These measures are not representative of residual cash flows

available for discretionary purposes.

• Free Cash Flow is defined as consolidated cash flows from operating activities less investments in property, plant

and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases),

intangible assets and joint ventures. Free Cash Flow is composed of Free Cash Flow from Industrial Activities and

Free Cash Flow from Financial Services Activities, which are both defined below.

• Free Cash Flow from Industrial Activities is defined as cash flows from operating activities of our industrial

activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the

period in accordance with IFRS 16 — Leases), intangible assets and joint ventures of our industrial activities. Free

Cash Flow from Industrial Activities represents our Free Cash Flow less our Free Cash Flow from Financial

Services Activities (as defined below). Industrial activities include all of the Group’s activities except for those

relating to financial services activities, which are further described below.

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• Free Cash Flow from Financial Services Activities is defined as cash flows from operating activities of our

financial services activities less investments in property, plant and equipment (excluding right-of-use assets

recognized during the period in accordance with IFRS 16 — Leases), intangible assets and joint ventures of our

financial services activities. The Group’s financial services activities relate only to its fully owned subsidiary Ferrari

Financial Services Inc., whose primary business is to offer retail client financing for the sale of Ferrari cars in the

United States and to manage the related financial receivables portfolio. Its cash flows from operating activities are

mainly driven by the change in its financial receivables portfolio (receivables from financing activities), as well as

its operating result during the period.

The following table presents our Free Cash Flow, Free Cash Flow from Financial Services Activities and Free Cash

Flow from Industrial Activities for the years ended December 31, 2024, 2023 and 2022.


	For the years ended December 31,
	2024			2023			2022
	Group	Financial Services Activities	Industrial Activities	Group	Financial Services Activities	Industrial Activities	Group	Financial Services Activities	Industrial Activities
	(€ million)
Cash flows from/(used in)(1) operating activities	1,927	(89)	2,016	1,717	(84)	1,801	1,403	(161)	1,564
Investments in property, plant and equipment, intangible assets and joint ventures	(989)	—	(989)	(869)	—	(869)	(806)	—	(806)
Free Cash Flow	938	(89)	1,027	848	(84)	932	597	(161)	758

_____________________________

(1) For the years ended December 31, 2024, 2023 and 2022, cash flows used in operating activities of financial services activities mainly reflects the

outflows derived from the increase in the financial receivables portfolio (receivables from financing activities in the consolidated statement of financial

position) of €118.7 million, €107.2 million and €187.9 million, respectively.

Free Cash Flow for the year ended December 31, 2024 was €938 million compared to €848 million for the year

ended December 31, 2023 and €597 million for the year ended December 31, 2022. For an explanation of the drivers in Free

Cash Flow see “—Cash Flows” above.

Free Cash Flow from Industrial Activities for the year ended December 31, 2024 was €1,027 million, an increase of

€95 million compared to €932 million for the year ended December 31, 2023. The increase was primarily attributable to (i) an

increase in net profit excluding non-cash items of €276 million and (ii) a decrease in cash absorbed from inventories, trade

receivables and trade payables of €56 million, and (iii) lower net finance costs paid of €50 million, partially offset by (iv) an

increase in investments in property, plant and equipment and intangible assets of €120 million, reflecting our initiatives for

product and infrastructure development, (v) higher income tax paid of €117 million, and (vi) a decrease from other operating

assets and liabilities of €69 million.

Free Cash Flow from Industrial Activities for the year ended December 31, 2023 was €932 million, an increase of

€174 million compared to €758 million for the year ended December 31, 2022. The increase in Free Cash Flow from

Industrial Activities was primarily attributable to an increase in net profit before income tax expense, financial (income)/

expenses, net, amortization and depreciation and other non-cash income and expenses, partially offset by (i) higher

absorption of cash for working capital, mainly due to an increase in inventories driven by production planning and an

enriched product mix, (ii) lower collection of advances for cars in 2023 compared to 2022 (which benefited from the

collection of advances for the Daytona SP3), and (iii) higher investments in intangible assets and property, plant and

equipment reflecting our initiatives for product and infrastructure development.

Constant Currency Information

The “Results of Operations” discussion above includes information about our net revenues on a constant currency

basis, which excludes the effects of foreign currency translation from our subsidiaries with functional currencies other than

Euro, as well as the effects of foreign currency transaction impact and foreign currency hedging. We use this information to

assess how the underlying revenues changed independent of fluctuations in foreign currency exchange rates and hedging. We

113

calculate constant currency by (i) applying the prior-period average foreign currency exchange rates to translate current

period revenues of foreign subsidiaries expressed in local functional currency other than Euro, (ii) applying the prior-period

average foreign currency exchange rates to current period revenues originated in a currency other than the functional

currency of the applicable entity, and (iii) eliminating the variances of any foreign currency hedging (see Note 2 “Material

Accounting Policies” to the Consolidated Financial Statements, included elsewhere in this document, for information on the

foreign currency exchange rates applied). Although we do not believe that these measures are a substitute for GAAP

measures, we do believe that revenues excluding the impact of currency fluctuations and the impacts of hedging provide

additional useful information to investors regarding the operating performance on a local currency basis.

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2025 Outlook

2025 guidance, based on the following assumptions for the year and the current custom duties framework:

• Positive product and country mix, along with strong personalizations

• Improved contribution from racing activities, reflecting higher sponsorships as well as commercial

revenues linked to the better Formula 1 ranking achieved in 2024

• Lifestyle activities to expand its revenues growth rate, while investing to accelerate development and

enlarge the network

• Continuous brand investments, higher racing and digital transformation expenses

• Increased costs implied by the ongoing supply chain challenges

• Higher effective tax rate in connection to the change of the Patent Box regime

• Robust Industrial free cash flow generation driven by strong profitability, partially offset by capital

expenditures more contained versus prior year


(€B, unless otherwise stated)	2024A	2025 GUIDANCE	GROWTH VS 2024
NET REVENUES	6.7	>7.0	≥5%
ADJ. EBITDA (margin %)	2.56 38.3%	≥2.68 ≥38.3%	≥5%
ADJ. OPERATING PROFIT (EBIT) (margin %)	1.89 28.3%	≥2.03 ≥29.0%	≥7%
ADJ. DILUTED EPS (€)	8.46(1)	≥8.60(1)	≥2%
INDUSTRIAL FCF	1.03	≥1.20	≥17%

_____________________________

(1)Calculated using the weighted average diluted number of common shares at December 31, 2024 (179,992 thousand).

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Major Shareholders

Exor is our largest shareholder through its approximately 24.84 percent shareholding interest in our outstanding

common shares (as of February 6, 2025). As a result of the loyalty voting mechanism, Exor’s voting power is approximately

36.69 percent (as of February 6, 2025 ). In addition, as of February 6, 2025, Trust Piero Ferrari, a Jersey trust established by

Mr. Piero Ferrari, holds approximately 10.56 percent of our outstanding common shares. Piero Ferrari holds the usufruct over

such shares including the right to exercise the voting rights of such shares, corresponding to, as a result of the loyalty voting

mechanism, a voting power of approximately 15.60 percent. The percentages of ownership and voting power above are

calculated based on the number of outstanding shares net of treasury shares.

Exor and Mr. Piero Ferrari informed us that they have entered into a shareholder agreement, subsequently amended

to reflect adherence by Trust Piero Ferrari, summarized below under “—Shareholders’ Agreement”.

Exor is controlled by Giovanni Agnelli B.V. (“G.A.”), which holds approximately 57.07 percent of Exor’s

outstanding ordinary shares and 86.29 percent of its voting rights (based on Exor’s latest public capital filings available).

G.A. is a Dutch private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) with interests

represented by shares, founded by Giovanni Agnelli and currently held by members of the Agnelli and Nasi families,

descendants of Giovanni Agnelli, founder of Fiat. Its present principal business activity is to purchase, administer and dispose

of equity interests in public and private entities and, in particular, to ensure the cohesion and continuity of the administration

of its controlling equity interests. The managing directors of G.A., as of February 10, 2025, were Jeroen Preller, Andrea

Agnelli, Luca Ferrero de’ Gubernatis Ventimiglia, Benedetto Della Chiesa, Johannes Casper Brouwer, Filippo Scognamiglio

Pasini, Alexandre von Furstenberg and Niccolò Camerana.

Based on the information in Ferrari’s shareholder register, regulatory filings with the AFM and the SEC and other

sources available to us, the following shareholders owned, directly or indirectly, in excess of three percent of the common

shares holding voting rights of Ferrari, as of February 6, 2025:


Shareholder	Number of common shares	Percentage owned (1)
Exor N.V. (2)	44,435,280	24.84%
Trust Piero Ferrari (2)	18,894,295	10.56%
Other public shareholders	115,535,414	64.60%

_____________________________

(1) The percentages of share capital set out in this table are calculated as the ratio of (i) the aggregate number of outstanding common shares beneficially

owned by the shareholder to (ii) the total number of outstanding common shares (net of treasury shares) of Ferrari. These percentages may slightly

differ from the percentages of share capital included in the public register held by the AFM of all notifications made pursuant to the disclosure

obligations under chapter 5.3 of the Dutch Act on financial supervision (Wet op het financieel toezicht; the “AFS”), inter alia, because any shares held

in treasury by Ferrari are included in the relevant denominators for purposes of the AFS disclosure obligations.

(2) Each of Exor and Trust Piero Ferrari participate in the loyalty voting program of Ferrari. As of February 6, 2025, Exor owned 44,435,280 special

voting shares and Trust Piero Ferrari owned 18,892,160 special voting shares. Therefore, as discussed above in this section, the voting power of Exor

and Trust Piero Ferrari in Ferrari is higher than the percentage of common shares beneficially held as presented in this table.

Based on the information in Ferrari’s shareholder register and other sources available to us, as of February 6, 2025,

approximately 57.26 million Ferrari common shares, or 29.53 percent of the outstanding Ferrari common shares, were held in

the United States. As of the same date, approximately 1,882 record holders had registered addresses in the United States.

Shareholders’ Agreement

On December 23, 2015, Exor and Piero Ferrari entered into a Shareholders’ Agreement, which became effective at

the completion of the Separation on January 3, 2016 (as amended, the “Shareholders’ Agreement”) and prior to the admission

to listing and trading of the common shares of Ferrari on Euronext Milan. On December 16, 2022, Exor, Piero Ferrari and the

newly established Trust Piero Ferrari entered into an adherence and amendment agreement (the “Adherence and Amendment

Agreement”) to the Shareholders’ Agreement, whereby Trust Piero Ferrari was added as a new party to the Shareholders’

Agreement and certain provisions of the Shareholders Agreement were amended. This followed the establishment of Trust

Piero Ferrari and the grant to Trust Piero Ferrari of the bare ownership of Ferrari shares as described under “—Major

Shareholders” above. Ferrari is not a party to the Shareholders’ Agreement nor to the Adherence and Amendment

Agreement, and does not have any rights or obligations thereunder. Below is a summary of the principal provisions of the

Shareholders’ Agreement based on regulatory filings made by Exor, Trust Piero Ferrari and Piero Ferrari.

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Consultation

For the purposes of forming and exercising, to the extent possible, a common view on the items on the agenda of

any General Meeting of shareholders of Ferrari, Exor and Piero Ferrari will consult with each other prior to each General

Meeting. For the purposes of this consultation right and duties, representatives of each of Exor and Piero Ferrari shall meet in

order to discuss in good faith whether they have or can find a common view as to the matters on the agenda of the

immediately following General Meeting. This consultation right does not include an obligation to vote in any certain way nor

does it constitute a veto right in favor of Piero Ferrari. The consultation rights and obligations set forth in the Shareholders’

Agreement apply solely between Exor and Piero Ferrari, and do not apply to Trust Piero Ferrari.

In the event of (i) consolidation upon Trust Piero Ferrari of the usufruct on the common shares of Ferrari, as held by

Piero Ferrari, and the bare ownership on the common shares of Ferrari, as held by Trust Piero Ferrari, or (ii) any other

transfer of the usufruct on the common shares of Ferrari, as held by Piero Ferrari, to a Permitted Transferee (as defined in the

Shareholders’ Agreement), the consultation rights and obligations set forth in the Shareholders’ Agreement will automatically

terminate and cease to have any validity and effect and a new consultation procedure will automatically come into force and

effect between Exor and the relevant Permitted Transferee (including Trust Piero Ferrari, if applicable). Such new

consultation procedure will entail no obligation on the parties to reach a common view and each of Exor and the relevant

Permitted Transferee (including the trustee acting on behalf of Trust Piero Ferrari, if applicable), will at all times remain free

to exercise its voting rights independently.

Pre-emption right in favor of Exor and right of first offer of Piero Ferrari

Except for Permitted Transfers (as defined in the Shareholders’ Agreement), the bare ownership on the common

shares of Ferrari, as held by Trust Piero Ferrari, and the usufruct on the common shares of Ferrari, as held by Piero Ferrari,

will not be transferred separately. In the event of the joint transfer of bare ownership and usufruct of all or part of the Ferrari

common shares held by Trust Piero Ferrari, Exor will have the right to purchase all (but not less than all) of the common

shares being transferred on the terms of the original proposed transferor, in case the original proposed transfer was for no

consideration, at market prices determined pursuant to the Shareholders’ Agreement.

In the event Exor intends to transfer (in whole or in part) its common shares to a third party, either solicited or

unsolicited, Piero Ferrari will have the right to make a binding, unconditional and irrevocable all cash offer for the purchase

of such common shares. Trust Piero Ferrari will not have any rights in connection with such right of first offer.

The foregoing will not apply in the case of transfers of Ferrari common shares: (i) by any party to the Shareholders’

Agreement, to a party that qualifies as a “Loyalty Transferee” (as defined in the Ferrari Articles of Association) of such party,

(ii) by Exor, to any affiliate of G.A., to a successor in business of G.A. and to any affiliate of a successor in business of G.A.,

and (iii) by any party to the Shareholders’ Agreement that is an individual, to an entity wholly owned and controlled by that

same party. In addition, the provisions regarding the pre-emption right in favor of Exor and right of first offer of Piero Ferrari

will not apply in relation to, and Trust Piero Ferrari will be free and allowed to carry out, market sales to third parties of its

Ferrari common shares (provided always that bare ownership and usufruct are transferred together) which in the aggregate do

not exceed, during the whole period of validity of the Shareholders’ Agreement, 0.5 percent of the number of common shares

owned by Piero Ferrari upon completion of the Separation.

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Succession

In the event of (i) consolidation upon Trust Piero Ferrari of the usufruct on the common shares of Ferrari, as held by

Piero Ferrari, and the bare ownership on the common shares of Ferrari, as held by Trust Piero Ferrari, or (ii) any other

transfer of the usufruct on the common shares of Ferrari, as held by Piero Ferrari, to a Permitted Transferee, all rights and

obligations pertaining to Piero Ferrari under the Shareholders’ Agreement other than the consultation rights and obligations

described above (and, therefore, including the right of first offer) shall automatically be transferred to the relevant Permitted

Transferee (including Trust Piero Ferrari, if applicable) to the extent that such provisions cannot be classified as acting in

concert provisions within the meaning of the Dutch applicable laws and regulations.

Term

The Shareholders’ Agreement entered into force upon completion of the Separation on January 3, 2016 and provides

that it shall remain in force until the fifth anniversary of the effective date of the Separation, provided that if neither of the

parties to the Shareholders’ Agreement terminates the Shareholders’ Agreement within six months before the end of the

initial term, then the Shareholders’ Agreement shall be renewed automatically for another five year term. Since neither of the

parties to the Shareholders’ Agreement terminated it within six months before January 3, 2021, the Shareholders’ Agreement

was automatically renewed for another five year term and, therefore, until January 3, 2026.

The Shareholders’ Agreement shall terminate and cease to have any effect as a result of the transfer of all the

common shares owned by either Exor or Trust Piero Ferrari to a third party.

Governing law and jurisdiction

The Shareholders’ Agreement is governed by and must be interpreted according to the laws of the Netherlands. Any

disputes arising out of or in connection with the Shareholders’ Agreement are subject to the exclusive jurisdiction of the

competent court in Amsterdam, the Netherlands, without prejudice to the right of appeal and appeal to the Supreme Court.

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Corporate Governance

Introduction

Ferrari N.V. is a public limited liability company, incorporated under the laws of the Netherlands. The Company is

the holding company of the Ferrari Group following the separation of the Ferrari business from Fiat Chrysler Automobiles

N.V. (“FCA”), now Stellantis N.V. (“Stellantis”). In this section, the “Company” refers to Ferrari N.V. The Company

qualifies as a foreign private issuer under the New York Stock Exchange (“NYSE”) listing standards and its common shares

are listed on the NYSE and on Euronext Milan (formerly Mercato Telematico Azionario).

In accordance with the NYSE rules, the Company is permitted to follow its home country practice with regard to

certain corporate governance standards. Therefore, the Company has adopted, except as discussed below under “Compliance

with Dutch Corporate Governance Code”, the best practice provisions of the updated Dutch corporate governance code

issued by the Corporate Governance Code Monitoring Committee, which entered into force on January 1, 2018 (the “Dutch

Corporate Governance Code”) and is applicable retroactively as from financial year 2017. The Dutch Corporate Governance

Code contains principles and best practice provisions that regulate relations inter alia between the board of directors of a

company and its committees and the relationship with the general meeting of shareholders. On December 20, 2022, the

Corporate Governance Code Monitoring Committee published an update to the Dutch Corporate Governance Code. The

updated Dutch Corporate Governance Code has entered into force on January 1, 2024 and was applicable retroactively as

from financial year 2023.

In this Annual Report, the Company addresses its overall corporate governance structure. The Company discloses,

and intends to disclose, any material departure from the best practice provisions of the Dutch Corporate Governance Code in

this and in its future annual reports.

For further information about culture see “—Creating Value for Our Shareholders”.

Board of Directors

Pursuant to the Company’s articles of association (the “Articles of Association”), its board of directors (the “Board

of Directors” or the “Board”) consists of three or more directors (the “Directors”). The current Board of Directors was

appointed at the annual general meeting of shareholders held on April 17, 2024. Its term of office will expire on the day of

the next Annual General Meeting of Shareholders, which is currently expected to be on April 16, 2025. Each Director may be

reappointed at any subsequent annual general meeting of shareholders.

The Board of Directors as a whole is responsible for the strategy of the Company. The Board of Directors is

composed of two executive Directors (i.e., Mr. John Elkann, Executive Chairman, and Mr. Benedetto Vigna, Chief Executive

Officer) and nine non-executive Directors. Pursuant to Article 17 of the Articles of Association, the general authority to

represent the Company shall be vested in the Board of Directors and the Chief Executive Officer. The Chief Executive

Officer has day-to-day responsibility for the management of the Company and the Group.

The Board of Directors appointed the following internal committees: (i) an Audit Committee, (ii) an ESG

Committee, and (iii) a Compensation Committee. On certain key operational matters, the executive Directors are supported

by the Ferrari Leadership Team (hereinafter also the “FLT”, formerly Senior Management Team, and so renamed as a result

of the organizational changes implemented in January 2022), which is responsible for reviewing the operating performance of

the businesses, collaborating on certain operational matters, supporting the executive Directors with their tasks and executing

decisions of the Board of Directors and the day-to-day management of the Company, primarily to the extent it relates to the

operational management.

Set forth below is the name, year of birth and position of each of the persons currently serving as Directors of Ferrari

N.V. Unless otherwise indicated, the business address of each person listed below will be c/o Ferrari, Via Abetone Inferiore

n. 4, I-41053 Maranello (MO), Italy.

119


Name	Year of Birth	Position
John Elkann	1976	Executive Chairman and Executive Director
Benedetto Vigna	1969	Chief Executive Officer
Piero Ferrari (1)	1945	Vice Chairman and Non-Executive Director
Sergio Duca (1) (2)	1947	Senior Non-Executive Director
Delphine Arnault (1)	1975	Non-Executive Director
Francesca Bellettini	1970	Non-Executive Director
Eddy Cue (1)	1964	Non-Executive Director
John Galantic	1961	Non-Executive Director
Maria Patrizia Grieco (1)	1952	Non-Executive Director
Adam Keswick (1)	1973	Non-Executive Director
Mike Volpi	1966	Non-Executive Director

_____________________________

(1) Reappointed in view of each Board member’s contributions to the Board of Directors in the past eight years and because each Non-Executive

Director’s background, specific skills and experience continues to be valuable to the Company on the basis of each Board member’s biography (shown

herein below) and the relevant skills that they could bring to the Company (set out in the table herein below).

(2) The Board of Directors has resolved to appoint Sergio Duca as chairman of the Board, as referred to in the Dutch Civil Code, who will in such

capacity have the title Chair (Voorzitter).

Nine Directors currently qualify as independent (representing a majority) for purposes of NYSE rules and Rule

10A-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and eight Directors qualify as independent

(representing a majority) for purposes of the Dutch Corporate Governance Code. In percentage terms, the share of

independent members of the non-executive Board members according to the NYSE rules is 100% (nine out of nine) whereas

according to the Dutch Corporate Governance Code the percentage is 88.89% (eight out of nine).

Please see “—Diversity Policy” below for a chart representing the Board’s gender and age as of December 31, 2024.

According to the applicable laws and the Regulation of the Board, no works council or similar employee

participation bodies are required to be established at the Company.

The Board of Directors has resolved to grant the following titles:

• John Elkann: Chairman of the Company;

• Benedetto Vigna: Chief Executive Officer;

• Piero Ferrari: Vice-Chairman and Non-Executive Director; and

• Sergio Duca: Chair of the Board (Voorzitter) and Senior Non-Executive Director.

The following members are independent within the meaning of the Dutch Corporate Governance Code and NYSE

rules:

• Delphine Arnault: Non-Executive Director;

• Francesca Bellettini: Non-Executive Director;

• Eddy Cue: Non-Executive Director;

• Sergio Duca: Senior Non-Executive Director;

• John Galantic: Non-Executive Director;

• Maria Patrizia Grieco: Non-Executive Director;

• Adam Keswick: Non-Executive Director; and

• Mike Volpi: Non-Executive Director.

In addition, Piero Ferrari is considered independent within the meaning of the NYSE rules.

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Directors are expected to prepare themselves for and to attend all Board of Directors meetings, the annual general

meeting of shareholders and the meetings of the committees on which they serve, with the understanding that, on occasion, a

Director may be unable to attend a meeting.

During 2024, there were four meetings of the Board of Directors. The attendance rate at these meetings was 95.46

percent.

The non-executive Directors of the Company met to discuss the functioning of the Board and its committees, the

functioning of the executive Directors as a corporate body of the company, or the corporate strategy and the main risks of the

business, pursuant to best practice provisions 2.2.6, 2.2.7, 2.2.8 and 1.1.2 of the Dutch Corporate Governance Code.

Summary biographies for the current Directors of Ferrari are included below:

John Elkann (Chairman of the Company and executive Director) – Mr. John Elkann is Chief Executive Officer

of EXOR and Chairman of Stellantis N.V.. Elkann earned a scientific baccalauréat from Lycée Victor Duruy in Paris and an

engineering degree from Politecnico di Torino. He began his career in 2001 at General Electric, gaining international

experience in Asia, Europe, and North America. As Ferrari’s Chair (since 2018) he has been bolstering the company’s

leadership in innovation, luxury and sport competitions while preserving its iconic legacy. Elkann joined Fiat Group in 2003

and contributed to its growth and the eventual creation of Stellantis in 2021, one of the world’s largest automotive groups. In

2009 Elkann established Exor, which is today the largest shareholder of companies such as CNH and Philips, in addition to

Ferrari and Stellantis. In 2023, he founded Lingotto, a long-term investment management company. Elkann is a board

member of Meta, and a trustee of MoMA. He chairs the Agnelli Foundation, a philanthropy focused on education. He is also

a member of JP Morgan International Council and of Allianz International Advisory Board.

Born in 1976, Italian citizenship.

Benedetto Vigna (Chief Executive Officer and executive Director) – Mr. Benedetto Vigna is Chief Executive

Officer since September 2021. Before joining Ferrari, he was President of STMicroelectronics’, Analog, MEMS and Sensors

Group, since January 2016 and also a member of ST’s Executive Committee from May 31, 2018. Vigna joined ST in 1995

and founded ST’s MEMS activities (Micro-Electro-Mechanical Systems). Under his guidance, ST’s MEMS sensors

established ST’s leadership with large OEMs in motion-activated user interfaces. His responsibilities were expanded to

include connectivity, imaging and power solutions and he piloted a series of successful moves into new business areas, with a

particular focus on the industrial and automotive market segments. During his career Vigna has filed more than 200 patents

on micromachining, authored numerous publications and has sat on the boards of several EU-funded programs including

startups as well as worldwide recognized boards of Asian and American research centers. Benedetto Vigna graduated in

Subnuclear Physics from the University of Pisa.

Born in 1969, Italian citizenship

Piero Ferrari (Vice Chairman and non-executive Director) – Mr. Piero Ferrari has been Vice Chairman of

Ferrari S.p.A. since 1988. He also serves as Chairman of HPE-COXA, is board member and Vice President of Ferretti Group.

He was President of Piaggio Aero Industries S.p.A. from 1998 to 2014 and served as Chairman of the Italian Motor Sport

Commission (CSAI) from 1998 to 2001 and BA SERVICE from 2000 to 2015. He was also a board member and Vice

President of Banca Popolare dell’Emilia Romagna in Modena from 2002 to 2011 and from 2011 to 2014 respectively. The

son of Ferrari’s founder Enzo Ferrari, Mr. Piero Ferrari covered a variety of management positions in the motor sport division

of Ferrari from 1970 to 1988 with increasing responsibilities. His first position with Ferrari dates back to 1965 working on

the production of the Dino 206 Competizione racing car. Mr. Piero Ferrari received an honorary degree in Aerospace

Engineering from the University of Naples Federico II in 2004 and an Honorary Degree in Mechanical Engineering from the

University of Modena and Reggio Emilia in 2005. In 2004, Mr. Piero Ferrari was awarded the title of Cavaliere del Lavoro.

Born in 1945, Italian citizenship.

Sergio Duca (Chairman of the Board of Directors and Senior Non-Executive Director) – Mr. Sergio Duca is a

member of the Statutory Auditors of Ferrovie dello Stato Italiane S.p.A. since 2022, He also serves as Chairman of the board

of auditors of ISPI (Institute for the Study of International Politics), as well as a member of the board of auditors of the Intesa

San Paolo Foundation Onlus. Mr. Duca has previously served as director of Tofaş Türk Otomobil Fabrikasi Anonim Şirketi

from 2018 until April 2024, independent director of OISA Automation System S.p.A. from November 2020 until October

121

2024, member of the board of Nedcommunity association from May 2019 until May 2022, member of the Statutory Auditors

of BasicNet S.p.A. from 2017 until March 2022, Chairman of the Board of Statutory Auditors of Enel S.p.A. from April 2010

until May 2019, Chairman of the Board of Directors of Orizzonte SGR S.p.A. from 2008 until 2016, Chairman of the Board

of Statutory Auditors of Exor S.p.A. until May 2015, Chairman of the Board of Statutory Auditors and effective auditor of

GTech until April 2015, member of the Board of ASTM S.p.A. and Chairman of the Audit Committee of ASTM S.p.A. from

2010 until 2013, Chairman of the Board of Statutory Auditors of Tosetti Value SIM and an independent director of Sella

Gestione SGR until April 2010. From 1997 until July 2007, Mr. Duca was the Chairman of PricewaterhouseCoopers S.p.A.

In addition, he has previously served as Chairman of the board of auditors of the Fondazione per la Scuola of Compagnia di

San Paolo until February 2022, Chairman of the board of auditors of the Silvio Tronchetti Provera Foundation, Chairman of

the board of auditors of Compagnia di San Paolo until May 2016, member of the Edison Foundation’s advisory board and the

University Bocconi in Milan’s development committee, as well as Chairman of the Bocconi’s Alumni Association’s board of

auditors and a member of the board of auditors of the ANDAF (Italian Association of Chief Financial Officers). As a certified

chartered accountant and auditor, he acquired broad experience through the PricewaterhouseCoopers network as the external

auditor of a number of significant Italian listed companies. Mr. Duca graduated with honors in Economics and Business from

University Bocconi in Milan.

Born in 1947, Italian citizenship.

Delphine Arnault (non-executive Director) – Mrs. Delphine Arnault graduated from the EDHEC Business School

and the London School of Economics. She began her career at McKinsey & Company, the global management consultancy

firm, where she was a Consultant for two years. In 2001, she joined the Executive Committee of Christian Dior Couture

where she directed several product lines. She was appointed Deputy General Manager of Christian Dior Couture in 2008 and

in September 2013 Deputy General Manager of Louis Vuitton Malletier. She has been a board director of LVMH Moët

Hennessy Louis Vuitton SE since 2003. Delphine was appointed to the board of Château Cheval Blanc, the Saint-Emilion

premier grand cru classé in 2008. In 2002 she joined the board of Loewe, the celebrated Spanish leather goods company, and

was appointed to Pucci’s board of directors in 2007. She was appointed to the boards of Céline in December 2011 and

Christian Dior SE in April 2012. Delphine Arnault previously served as a director of both Havas and 21st Century Fox from

2013 to 2019. In 2021, she has been appointed to the Board of Gagosian and Phoebe Philo Limited. Since February 2023,

Mrs. Delphine Arnault is the President and CEO of Christian Dior Couture.

Born in 1975, French citizenship.

Francesca Bellettini (non-executive Director) – Since July 2023, Francesca Bellettini is Kering Deputy Chief

Executive Officer and since September 2013 she is President and Chief Executive Officer of Yves Saint Laurent (part of the

Kering Group), based in France. Ms. Bellettini is a member of the Kering Group Executive Committee since 2013. Ms.

Bellettini joined the Kering Group in 2003, occupying different executive roles. From 2003 until 2008 she worked in Gucci,

Italy, first as Assistant to the President and Managing Director and, from 2005, as Strategic Planning Director and Associate

Worldwide Merchandising Director. In 2008, she joined Bottega Veneta, Italy, as Worldwide Merchandising Director and

from 2010 she became Worldwide Merchandising-Communication Director based in Switzerland. From 1999 until 2002, Ms.

Bellettini worked in the Prada Group, Italy, first in the Planning and New Business Development Division of Prada and, in

2002, as Operations Manager of Helmut Lang. Previously, she worked in Compass Partners International, UK from 1998 to

1999, in Deutsche Morgan Grenfell, UK from 1996 to 1998 and in Goldman Sachs International, UK from 1994 to 1996.

While graduating, she had an internship in Citibank, Italy in 1994. Ms. Bellettini graduated in Business Administration with a

focus on Finance from Bocconi University, Italy.

Born in 1970, Italian citizenship.

Eddy Cue (non-executive Director) – Mr. Eddy Cue is Apple’s senior vice president of Services, reporting to CEO

Tim Cook. Mr. Cue oversees the full range of Apple’s services, including Apple Music, Apple News, Apple Podcasts, the

Apple TV app, and Apple TV+, as well as Apple Pay, Apple Card, Maps, Search Ads, Apple’s iCloud services, and Apple’s

productivity and creativity apps. Mr. Cue’s team has an excellent track record of building and strengthening world-class

services that meet and exceed the high expectations of Apple’s customers, and offer creators and storytellers the opportunity

to bring their creative visions to people around the world. Mr. Cue joined Apple in 1989 and leads a large organization of

amazing people. Mr. Cue was instrumental in creating the Apple online store in 1998, the iTunes Store in 2003, and the App

Store in 2008. He also played a key role in developing Apple’s award-winning iLife suite of applications. In his early years at

Apple, he was a successful manager of software engineering and customer support teams. Mr. Cue earned a bachelor’s degree

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in Computer Science and Economics from Duke University. He serves on the Board of Trustees of both the Paley Center for

Media and Duke University.

Born in 1964, American citizenship.

John Galantic (non-executive Director) – John Galantic is the Chief Executive Officer of the Tod’s Group. He

earned a BA from Tufts University and an MBA from Harvard Business School. After starting his career at Procter &

Gamble in Italy, he held general management roles in Italy, the UK, and the USA at Glaxo SmithKline in Marketing and at

Coty as President of Coty Americas, before joining Chanel in 2006. He was the Chief Operating Officer of Chanel Inc. until

2023 and joined the Board of Directors of Chanel Ltd. in 2018. He is also a member of the Board of Directors of Bacardi

Ltd.. In 2023, he became an Operating Partner at Advent International and was appointed CEO of Tod’s S.p.A. in September

2024.

Born in 1961, American and Swiss citizenship.

Maria Patrizia Grieco (non-executive Director) – Maria Patrizia Grieco has been the Chairperson of the Board of

Directors of Anima Holding since March 2023. She has been also Chairperson of Assonime (the association of the Italian

joint stock companies) since June 2021. From May 2020 to March 2023, she was the Chairperson of from the board of

directors of Banca Monte dei Paschi di Siena and from May 2014 to May 2020 she was the Chairperson of the board of

directors of Enel, the Italian company world leader in the utilities sector. After graduating in law from the University of

Milan, she started her career in 1977 at Italtel, where in 1994 she became chief of the Legal and General Affairs directorate.

In 1999, she was appointed General Manager with the task of reorganizing and repositioning the company, and in 2002 she

became Chief Executive Officer. Subsequently, she held the positions of Chief Executive Officer of Siemens Informatica,

Partner of Value Partners and Chief Executive Officer of the Group Value Team (today NTT Data). From 2008 to 2013 she

was Chief Executive Officer of Olivetti, where she also held the role of Chairperson from 2011. She has been a member of

the Board of Directors of Fiat Industrial, CIR and Endesa S.A. and currently serves on the Board of Ferrari and Amplifon.

Mrs. Grieco is also a member of the Board of Directors of Bocconi University. Maria Patrizia Grieco was Chairperson of the

Italian Corporate Governance Committee from 2017 to 2021. During her mandate, the new Corporate Governance Code for

Italian listed companies was issued. In the framework of the G20 Italy, she was Chair of the “Integrity & Compliance” Task

Force of the B20 Italy, which provided pragmatic solutions that embraced the renewed concepts of integrity and compliance,

to create a better future through inclusion and positive impact. She was also a member of the G20 Business Advisory Board

for the Italian Presidency, led by The European House - Ambrosetti. The board supported the Italian Prime Minister in

providing contributions to the G20 agenda.

Born in 1952, Italian citizenship.

Adam Keswick (non-executive Director) – Mr. Adam Keswick joined the Jardine Matheson Board in 2007 and

was Deputy Managing Director of Jardine Matheson from 2012 to 2016. He was appointed chairman of Matheson & Co. in

August 2016. He has held a number of executive positions since joining the Jardine Matheson Group from N M Rothschild &

Sons in 2001, including group strategy director and, thereafter, group managing director of Jardine Cycle & Carriage between

2003 and 2007. Mr Keswick is a director of Hongkong Land and Mandarin Oriental. He is also a director of Ferrari N.V. and

of Yabuli China Entrepreneurs Forum. He was a director of DFI Retail Group until July 2024, director of Schindler until

March 2024 and vice chairman of the supervisory board of Rothschild & Co until November 2023. Mr. Keswick attended

Eton College and Edinburgh University where he received his Master of Arts degree in 1995.

Born in 1973, British citizenship.

Mike Volpi (non-executive Director) – Mr. Mike Volpi is a General Partner at Index Ventures. Mike joined Index

in 2009 to establish the firm’s North American activities. Mike invests primarily in enterprise software and artificial

intelligence. He is currently serving on the boards of Aurora, Confluent, Clickhouse, Scale, Sonos, and Wealthfront, among

others. Mike was previously a director of Ericsson and Fiat Chrysler Automotive. Prior to Index, Mike was Chief Strategy

Officer and SVP/GM of Cisco’s routing business, where he managed a P&L in excess of $10 billion in revenues. His team

was responsible for the acquisition of over 70 companies, some of which were multi-billion deals. Mike has a B.S. in

Mechanical Engineering and an M.S. in Manufacturing Systems Engineering from Stanford, and an M.B.A. from the

Stanford Graduate School of Business. He currently serves on the Global Advisory Board of Stanford’s Knight Hennessy

Scholars program.

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Born in 1966, American citizenship.

As of December 31, 2024, the members of the Board of Directors had, among other skills, the skills shown in the

table below:


Skill Area	Corporate governance and risk management	Financial and accounting	Corporate management	Digital and cybersecurity	Innovation	ESG	Automotive and motorsport industry knowledge	Luxury goods industry knowledge
John Elkann (Executive Chairman and Executive Director)	x	x	x		x	x	x	x
Benedetto Vigna (Chief Executive Officer)	x		x	x	x	x	x	x
Piero Ferrari (Vice Chairman and non- Executive Director)	x		x				x	x
Sergio Duca (Senior Non-Executive Director)	x	x	x			x	x
Delphine Arnault (Non-Executive Director)	x	x	x			x		x
Francesca Bellettini (Non-Executive Director)	x	x	x					x
Eddy Cue (Non-Executive Director)	x		x	x	x	x
John Galantic (Non-Executive Director)	x		x			x		x
Maria Patrizia Grieco (Non-Executive Director)	x	x	x			x	x
Adam Keswick (Non-Executive Director)	x	x	x				x
Mike Volpi (Non-Executive Director)	x		x	x	x		x

All Board Members have knowledge and expertise on business ethics, corporate governance and regulatory affairs.

Moreover, more than half of Board Members have developed experiences in social engagements and environmental issues.

With these skills they oversee sustainability matters and manage impacts, risks and opportunities.

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As of December 31, 2024, the Board of Directors and its committee were composed of eleven Directors as shown in

the table below:


Directors	Nationality	Executive	Non Executive	Independent		Committees			Directors first term from (1)	Directors current term from	Roles in other listed companies (4)
Directors	Nationality	Executive	Non Executive	NYSE Rules	Dutch Code	Audit	Compensa tion	ESG	Directors first term from (1)	Directors current term from	Roles in other listed companies (4)
John Elkann (Executive Chairman and Executive Director)	IT	x						x	April 15, 2016 (2)	April 17, 2024	3
Benedetto Vigna (Chief Executive Officer)	IT	x							September 16, 2021 (3)	April 17, 2024	0
Piero Ferrari (Vice Chairman)	IT		x	x			x		January 2, 2016	April 17, 2024	0
Sergio Duca (Chair of the Board and Senior Non- Executive)	IT		x	x	x	x			January 2, 2016	April 17, 2024	0
Delphine Arnault	FR		x	x	x			x	April 15, 2016	April 17, 2024	2
Francesca Bellettini	IT		x	x	x	x			April 16, 2020	April 17, 2024	0
Eddy Cue	US		x	x	x		x	x	January 2, 2016	April 17, 2024	0
John Galantic	US, CH		x	x	x		x		April 16, 2020	April 17, 2024	0
Maria Patrizia Grieco	IT		x	x	x	x			April 15, 2016	April 17, 2024	2
Adam Keswick	UK		x	x	x				April 15, 2016	April 17, 2024	1
Mike Volpi	US		x	x	x				April 14, 2023	April 17, 2024	3

_____________________________

(1) References in this table to Directors refer to Ferrari N.V. The Board of Directors is appointed annually on each annual general meeting of

shareholders

(2) Mr. John Elkann is Executive Director from April 12, 2019.

(3) Mr. Benedetto Vigna was confirmed as Chief Executive Officer by the Board of Directors as of April 14, 2023.

(4) Directorships in listed companies other than in the Company.

None of the members of the Board of Directors and FLT have held a similar position in the public administration

(including regulators) in the past two years.

Board Regulations

The current regulations of the Board of Directors deal with matters that concern the Board of Directors and its

committees internally.

The regulations contain provisions concerning the manner in which meetings of the Board of Directors are called

and held, including the decision-making process. The regulations provide that meetings may be held by telephone conference

or video-conference, provided that all participating Directors can follow the proceedings and participate in real time

discussion of the items on the agenda.

The Board of Directors can only adopt valid resolutions when the majority of the Directors in office shall be present

at the meeting or be represented thereat.

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A Director may only be represented by another Director authorized in writing. A Director may not act as a proxy for

more than one other Director.

All resolutions shall be adopted by the favorable vote of the majority of the Directors present or represented at the

meeting, provided that the regulations may contain specific provisions in this respect. Each Director shall have one vote.

The Board of Directors shall be authorized to adopt resolutions without convening a meeting if all Directors shall

have expressed their opinions in writing, unless one or more Directors shall object in writing against the resolution being

adopted in this way prior to the adoption of the resolution.

Memorandum and Articles of Association

A copy of the Articles of Association of our predecessor company has been filed as Exhibit 3.1 to Ferrari N.V.’s

Registration Statement on Form F-1 filed on July 23, 2015.

Our Articles of Association are identical in all material respects to those of our predecessor company. A copy of our

Articles of Association may be obtained from the Dutch Trade Register of the Chamber of Commerce.

The following is a summary of material information relating to the Ferrari common shares, including summaries of

certain provisions of the Ferrari’s articles of association (the “Ferrari Articles of Association”), the terms and conditions in

respect of the Ferrari special voting shares (the “Terms and Conditions”) and the applicable Dutch law provisions in effect at

the date of this annual report. The summaries of the Ferrari Articles of Association and the Terms and Conditions as set forth

in this annual report are qualified in their entirety by reference to the full text of the Ferrari Articles of Association, and

Terms and Conditions.

The Ferrari Shares, Articles of Association and Terms and Conditions of the Special Voting Shares

Ferrari was incorporated as a public limited liability company (naamloze vennootschap) under the laws of the

Netherlands on September 4, 2015 under the name FE New N.V., in contemplation of the Merger, and was renamed Ferrari

N.V. effective as of January 3, 2016, upon effectiveness of the Merger. Its official seat (statutaire zetel) is in Amsterdam, the

Netherlands, and its corporate address and principal place of business is located at Via Abetone Inferiore n. 4, I-41053

Maranello (MO), Italy. Ferrari is registered with the Dutch Trade Register of the Chamber of Commerce under number

64060977. Its telephone number is +39-0536-949111. The Company’s object, set forth in Article 3.1 of the Articles of

Association, is to carry on, either directly or through wholly or partially-owned companies and entities, activities relating in

whole or in any part to passenger and commercial vehicles, transport, mechanical engineering, energy, engines, capital

machinery and equipment and related goods and propulsion, as well as any other manufacturing, commercial, financial or

service activity.

Since incorporation Ferrari has had, and it intends to continue to have, its place of effective management in Italy. It

will therefore be a tax resident of Italy under both Italian tax law and Article 4 of the Convention between the Kingdom of

the Netherlands and the Republic of Italy for the avoidance of a double taxation with respect to taxes on income and on

capital of 1980.

Share Capital

The authorized share capital of Ferrari is seven million five hundred thousand Euro (€7,500,000), divided into three

hundred seventy five million (375,000,000) Ferrari common shares, nominal value of one Euro cent (€0.01) per share and an

equal number of special voting shares, nominal value of one Euro cent (€0.01) per share.

Following the Capital Markets Day held in 2022, on July 1, of the same year, Ferrari announced a new multi-year

share buyback program of approximately Euro 2 billion to be executed by 2026 and replacing the previous share buyback

program. The first tranche of the new repurchase program, of up to Euro 150 million, was launched on July 1, 2022 and

completed on November 30, 2022. The second tranche of the new repurchase program, of up to Euro 200 million, was

launched on December 2, 2022 and completed on June 26, 2023. The third tranche of the new repurchase program, of up to

Euro 200 million, was launched on July 3, 2023 and completed on October 19, 2023. The fourth tranche of the new

repurchase program, of up to Euro 350 million, was launched on November 8, 2023 and was completed on June 26, 2024.

The fifth tranche of the new repurchase program, of up to Euro 250 million, was launched on July 1, 2024 and was completed

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on November 26, 2024. The sixth tranche of the new repurchase program, of up to Euro 150 million, was launched on

December 6, 2024 and is expected to be completed within February 20, 2025.

As of December 31, 2024, Ferrari’s common shares held in treasury amounted to 14,879,168. As of the same date,

the Company held in treasury 5.79 percent of its total issued share capital including the common shares and the special voting

shares. For additional information on the abovementioned share repurchase program, refer to “Other Information—

Additional Information—Purchases of Equity Securities by the Issuer and Affiliated Purchasers”.

A delegation of authority to the Board of Directors to authorize the issuance of common shares without pre-emptive

rights enabled Ferrari to offer and sell newly issued common shares to investors free of pre-emptive rights for a period of five

years from January 2, 2016 up to and including January 1, 2021. Under Dutch law, such authorization may not exceed a

period of five years, but may be renewed by a resolution of the general meeting of shareholders for subsequent five-year

periods at any time. Pursuant to the resolution of the Annual General Meeting held on April 16, 2020, the authorization was

renewed for the period starting from January 2, 2021 up to and including October 15, 2021. Pursuant to the resolution of the

Annual General Meeting held on April 15, 2021, the authorization has been further renewed for the period starting from April

15, 2021 up to and including October 14, 2022. Pursuant to the resolution of the Annual General Meeting held on April 13,

2022, the authorization has been further renewed for the period starting from April 13, 2022 up to and including October 12,

2023. Pursuant to the resolution of the Annual General Meeting held on April 14, 2023, the authorization has been further

renewed for the period starting from April 14, 2023 up to and including October 13, 2024. Pursuant to the resolution of the

Annual General Meeting held on April 17, 2024, the authorization has been further renewed for the period starting from April

17, 2024 up to and including October 16, 2025.

Ferrari common shares are registered shares represented by an entry in the share register of Ferrari. The Board of

Directors may determine that, for the purpose of trading and transfer of shares on a foreign stock exchange, such share

certificates shall be issued in such form as shall comply with the requirements of such foreign stock exchange. A register of

shareholders is maintained by Ferrari in the Netherlands and a branch register is maintained in the United States on Ferrari’s

behalf by the Transfer Agent, which serves as branch registrar and transfer agent.

Beneficial interests in Ferrari common shares that are traded on the NYSE are held through the book-entry system

provided by The Depository Trust Company (“DTC”) and are registered in Ferrari’s register of shareholders in the name of

Cede & Co., as DTC’s nominee. Beneficial interests in the Ferrari common shares traded on the Euronext Milan are held

through Monte Titoli S.p.A., the Italian central clearing and settlement system, as a participant in DTC.

Directors

Set forth below is a summary description of the material provisions of the Ferrari Articles of Association, relating to

our Directors. The summary does not restate the Ferrari Articles of Association in their entirety.

Ferrari’s Directors serve on the Board of Directors for a term of approximately one year, such term ending on the

day that the first annual general meeting of the shareholders is held in the following calendar year. Ferrari’s shareholders

appoint the Directors of the Board of Directors at a general meeting. Each Director may be reappointed at any subsequent

general meeting of shareholders. The general meeting of shareholders determines whether a Director is an executive Director

or a non-executive Director.

The Board of Directors is a one tier board and consists of three or more members, comprising both members having

responsibility for the day-to-day management of Ferrari (executive Directors) and members not having such day-to-day

responsibility (non-executive Directors). The tasks of the executive and non-executive Directors in a one-tier board such as

Ferrari’s Board of Directors may be allocated under or pursuant to the Ferrari Articles of Association, provided that the

general meeting has stipulated whether each such Director is appointed as executive or as non-executive Director and

furthermore provided that the task to supervise the performance by the Directors of their duties can only be performed by the

non-executive Directors. In addition, an executive Director may not be appointed chairman of the board or delegated the task

of establishing the remuneration of executive Directors or nominating Directors for appointment. Tasks that are not allocated

fall within the power of the Board of Directors as a whole. Regardless of an allocation of tasks, all Directors remain

collectively responsible for the proper management and strategy of Ferrari (including supervision thereof in case of non-

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executive Directors). The Board of Directors may determine that one or more Directors can lawfully adopt board resolutions

concerning matters belonging to his or their duties.

Ferrari has a policy in respect of the remuneration of the members of the Board of Directors. With due observation

of the remuneration policy, the Board of Directors may determine the remuneration for the Directors in respect of the

performance of their duties. The Board of Directors must submit to the Annual General Meeting of Shareholders for its

approval plans to award shares or the right to subscribe for shares. The policy was amended as approved by the Annual

General Meeting of Shareholders held on April 16, 2020 to implement changes necessary pursuant to the implementation of

the EU Directive 2017/828 into Dutch law. The amended remuneration policy, as adopted by the 2020 Annual General

Meeting of Shareholders, builds upon the previous remuneration policy (as partially amended and as approved by the Annual

General Meeting of Shareholders held on April 14, 2017) and no material changes were made compared to the previous

remuneration policy. In addition the amended policy provided for the Board of Directors to issue stock ownership guidelines

applicable to Directors and employees. Pursuant to the resolution of the Annual General Meeting held on April 17, 2024, the

remuneration policy of the Board of Directors has been amended to comply with Dutch legislation, which requires

remuneration policies to be submitted for approval every four years. This updated remuneration policy builds upon the

previous one, with no material changes to the Director’s remuneration.

Ferrari shall not grant the Directors any personal loans or guarantees.

Share Ownership

The number of shares directly and indirectly owned by members of the Board of Directors on February 6, 2025 is set

forth in the table below.


Name	Common Shares	% of Common Shares Outstanding	Special Voting Shares	% of Special Voting Shares Outstanding
Piero Ferrari	18,894,295	10.56	18,892,160	15.60
John Elkann	31,105	(*)	—	—
Benedetto Vigna	11,260	(*)	—	—
Delphine Arnault	2,803	(*)	—	—
Eddy Cue	2,692	(*)	—	—
John Galantic	100	(*)	—	—
Adam Keswick	2,643	(*)	—	—

_____________________________

(*) Common shares held represent less than 1 percent of our common shares outstanding as of February 6, 2025.

No members of the Ferrari Leadership Team beneficially own 1 percent or more of the Company’s common shares

or special voting shares.

The Audit Committee

The Audit Committee is responsible, inter alia, for assisting and advising the Board of Directors, and acting under

authority delegated by the Board of Directors, with respect to: (i) the integrity of the Company’s financial statements, (ii) the

Company’s policy on tax planning, (iii) the Company’s financing, (iv) the Company’s application of information and

communication technology, (v) the systems of internal controls that management and the Board of Directors have established,

(vi) the Company’s compliance with legal and regulatory requirements, (vii) the Company’s compliance with

recommendations and observations of internal auditors and independent registered public accounting firm, (viii) the

Company’s policies and procedures for addressing certain actual or perceived conflicts of interest, (ix) the review and

approval of related party transactions, (x) the independent registered public accounting firm’s qualifications, independence,

remuneration and any non-audit services for the Company, (xi) the functioning of the Company’s internal auditors and of the

independent registered public accounting firm, (xii) risk management guidelines and policies, and (xiii) the implementation

and effectiveness of the Company’s ethics and compliance program. Additionally, the Audit Committee invites the Head of

Enterprise Cybersecurity and the Chief Digital Transformation Officer (CDTO) to report on cybersecurity at a committee

meeting at least once a year.

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The Audit Committee currently consists of Mr. Duca (Chairperson), Ms. Bellettini and Mrs. Grieco, each of whom

is independent within the meaning of the Dutch Corporate Governance Code. Our Board of Directors has determined that Mr.

Sergio Duca is the “audit committee financial expert”. The gender diversity within the Audit Committee is 66.7%.

The Audit Committee is elected by the Board of Directors and is comprised of at least three non-executive Directors.

Audit Committee members are also required (i) not to have any material relationship with the Company or to serve as

auditors or accountants for the Company, (ii) to be “independent”, for purposes of NYSE rules, Rule 10A-3 of the Exchange

Act and the Dutch Corporate Governance Code, and (iii) to be “financially literate” and have “accounting or selected

financial management expertise” (as determined by the Board of Directors). At least one member of the Audit Committee

shall be a “financial expert” as defined by the Sarbanes-Oxley Act and the rules of the U.S. Securities and Exchange

Commission and Section 2(3) of the Dutch Decree on the Establishment of an audit committee. No Audit Committee member

may serve on more than four audit committees for other public companies, absent a waiver from the Board of Directors,

which must be disclosed in the Company’s annual report. Unless decided otherwise by the Audit Committee, the independent

registered public accounting firm of the Company, the Chief Financial Officer, the Chief Internal Audit, Risk and

Compliance Officer, and the Head of Internal Audit are required to attend its meetings, while the Chief Executive Officer is

free, but not required, to attend the meetings of the Audit Committee, unless the Audit Committee determines otherwise, and

shall attend the meetings of the Audit Committee if the Audit Committee so requires. The Audit Committee shall meet with

the independent auditor at least once per year outside the presence of the executive Directors and management. Furthermore,

an independent third party shall make an assessment of the performance of the Audit Committee at least every five years.

In 2024, the Audit Committee met 6 times and the average attendance rate was 94.45 percent. At these meetings

several matters were discussed, including the audit committee role and responsibilities, the Company’s financial control and

risk framework, risk assessment, internal control over financial reporting pursuant to the applicable rules, and a financial

overview of operating results. In particular, the Audit Committee reviewed the Ferrari’s periodic and yearly financial results

and, with the assistance of the Chief Financial Officer and other Company officers, focused on key accounting and reporting

matters as well as the main business drivers.

The Compensation Committee

The Compensation Committee is responsible for, among other things, assisting and advising the Board of Directors,

and acting under authority delegated by the Board of Directors, with respect to: (i) determining executive compensation

consistent with the Company’s remuneration policy, (ii) reviewing and approving the remuneration structure for the executive

Directors, (iii) administering equity incentive plans and deferred compensation benefit plans, (iv) discussing with

management the Company’s policies and practices related to compensation and issuing recommendations thereon, and (v)

preparing the compensation report.

The Compensation Committee currently consists of Mr. Galantic (Chairperson), Mr. Cue and Mr. Ferrari. The

Compensation Committee is elected by the Board of Directors and is comprised of at least three non-executive Directors, at

most one of whom may not be independent under Dutch Corporate Governance Code. At the date of this Annual Report,

every member of the Compensation Committee is a non-executive Director and the majority of them are independent. The

gender diversity within the Compensation Committee is 0.0%. Unless decided otherwise by the Compensation Committee,

the Head of Human Resources of the Company attends its meetings.

In 2024, the Compensation Committee met once with 100 percent attendance of its members at such meeting. The

Compensation Committee reviewed the compensation report. Further information on the activities of the Compensation

Committee are included in the compensation report.

The ESG Committee

As stated in the Charter of the ESG Committee, the ESG Committee is responsible for, among other things, assisting

and advising the Board of Directors, and acting under authority delegated by the Board of Directors, with respect to: (i)

drawing up the selection criteria and appointment procedures for members of the Board of Directors; (ii) periodic assessment

of the size and composition of the Board of Directors and as appropriate making proposals for a composition profile of the

Board of Directors; (iii) periodic assessment of the performance of individual directors and reporting this to the Board of

Directors; (iv) proposals to the non-executive members of the Board of Directors for the nomination and re-nomination of

directors to be elected by the shareholders; (v) supervision of the policy on the selection and appointment criteria for senior

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management and on succession planning; and (vi) monitoring, evaluation and reporting on the strategy, targets,

achievements, disclosures and reports relating to ESG matters globally of the Company and its subsidiaries.

The ESG Committee consists of Mr. Elkann (Chairperson), Mrs. Arnault and Mr. Cue. The ESG Committee is

elected by the Board of Directors and is comprised of at least three Directors. At least more than half of the members shall be

independent under the Dutch Corporate Governance Code, and at most one of the members may be an executive Director. At

the date of this Annual Report, Mr. Elkann is the only executive member of the ESG Committee and the majority of ESG

Committee members are independent. The gender diversity within the ESG Committee is 33.3%.

In 2024, the ESG Committee met once with 100 percent attendance of its members at such meeting. The Committee

reviewed the Board of Directors’ and Committee’s assessments, the Sustainability achievement and objectives, and the

recommendations for Directors’ election.

As described above, the charters of the Audit Committee, Compensation Committee and ESG Committee set forth

independence requirements for their members for purposes of the Dutch Corporate Governance Code. Audit Committee

members are also required to qualify as independent for purposes of NYSE rules and Rule 10A-3 of the Exchange Act.

Indemnification of Directors

Under Dutch law, indemnification provisions may be included in a company’s articles of association. Under the

Articles of Association, the Company is required to indemnify any and all of its Directors, officers, former Directors, former

officers and any person who may have served at its request as a director or officer of another company in which it owns

shares or of which it is a creditor, who were or are made a party or are threatened to be made a party to or are involved in, any

threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, arbitrative or

investigative (each a “Proceeding”), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such

a Proceeding, against any and all liabilities, damages, reasonable and documented expenses (including reasonably incurred

and substantiated attorneys’ fees), financial effects of judgments, fines, penalties (including excise and similar taxes and

punitive damages) and amounts paid in settlement in connection with such Proceeding by any of them. Such indemnification

shall not be deemed exclusive of any other rights to which those indemnified may be entitled otherwise. Notwithstanding the

above, no indemnification shall be made in respect of any claim, issue or matter as to which any of the abovementioned

indemnified persons shall be adjudged to be liable for gross negligence or willful misconduct in the performance of such

person’s duty to Ferrari. Ferrari has purchased directors’ and officers’ liability insurance for the members of the Board of

Directors and certain other officers, substantially in line with that purchased by similarly situated companies.

Conflict of Interest

A Director shall not participate in discussions and decision making of the Board of Directors with respect to a matter

in relation to which he or she has a direct or indirect personal interest that is in conflict with the interests of the Company and

the business associated with the Company (“Conflict of Interest”), which shall be determined outside the presence of the

Director concerned. All transactions, where there is a Conflict of Interest, must be concluded on terms that are customary in

the branch concerned and approved by the Board of Directors. In addition, the Board of Directors as a whole may, on an ad

hoc basis, resolve that there is such a strong appearance of a Conflict of Interest of an individual Director in relation to a

specific matter, that it is deemed in the best interest of a proper decision making process that such individual Director be

excused from participation in the decision making process with respect to such matter even though such Director may not

have an actual Conflict of Interest. In 2024 there were no transactions in which there were conflicts of interest with

management board members or supervisory board members, other than ordinary course compensation arrangements.

At least annually, each Director shall assess in good faith whether (i) he or she is independent under (A) best

practice provision 2.1.8 of the Dutch Corporate Governance Code, (B) the requirements of Rule 10A-3 under the Exchange

Act, and (C) Section 303A of the NYSE Listed Company Manual; and (ii) he or she would have a Conflict of Interest in

connection with any transactions between the Company and a significant shareholder or related party of the Company,

including affiliates of a significant shareholder (such conflict, a “Related-Party Conflict”), it being understood that currently

Exor N.V. (“Exor”) would be considered a significant shareholder.

The Directors shall inform the Board of Directors through the Senior Non-executive Director or the Secretary of the

Board of Directors as to all material information regarding any circumstances or relationships that may impact their

characterization as “independent”, or impact the assessment of their interests, including by responding promptly to the annual

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D&O questionnaires circulated by or on behalf of the Secretary that are designed to elicit relevant information regarding

business and other relationships.

Based on each Director’s assessment described above, the Board of Directors shall make a determination at least

annually regarding such Director’s independence and such Director’s Related-Party Conflict. These annual determinations

shall be conclusive, absent a change in circumstances from those disclosed to the Board of Directors, that necessitates a

change in such determination.

Mr. Elkann is Chief Executive Officer of Exor, our and Stellantis’s largest shareholder, and an executive director of

Stellantis. Stellantis, Exor and a number of companies in the Stellantis and Exor groups are related parties to Ferrari. See

“Risk Factors—We may have potential conflicts of interest with Stellantis and Exor and its related companies” and Note 28

“Related Party Transactions” to our Consolidated Financial Statements. Finally, Mr. Ferrari is non-executive Chairman in

COXA S.p.A, from which Ferrari purchases components for Formula 1 racing cars, and HPE S.r.l., which provides

consultancy engineering services to Ferrari, see Note 28 “Related Party Transactions” to our Consolidated Financial

Statements.

Loyalty Voting Program

In connection with the separation from FCA (the “Separation”), Ferrari issued special voting shares with a nominal

value of one Euro cent (€0.01) per share, to FCA, Piero Ferrari and FCA shareholders holding FCA special voting shares

prior to the Separation including Exor, in addition to Ferrari common shares.

As of February 6, 2025, Exor held approximately 36.69 percent of the voting power in the Company, Trust Piero

Ferrari, a Jersey trust established by Piero Ferrari, held approximately 15.60 percent of the voting power in Ferrari and public

shareholders held approximately 47.71 percent of the voting power in the Company. The percentages of voting power above

are calculated based on the number of outstanding shares net of treasury shares. For more information on the Separation, see

“Overview—History of the Company”.

Subject to meeting certain conditions, our common shares can be registered in our loyalty register (the “Loyalty

holder of Qualifying Common Shares is entitled to receive without consideration one special voting share in respect of each

such Qualifying Common Share. Pursuant to the Terms and Conditions, and for so long as the Ferrari common shares remain

in the Loyalty Register, such Ferrari common shares shall not be sold, disposed of, transferred, except in very limited

circumstances (i.e., transfers to affiliates or to relatives through succession, donation or other transfers (defined in the Terms

and Conditions as “Loyalty Transferee”), but a shareholder may create or permit to exist any pledge, lien, fixed or floating

charge or other encumbrance over such Ferrari common shares, provided that the voting rights in respect of such Ferrari

common shares and any corresponding special voting shares remain with such shareholder at all times. Ferrari’s shareholders

who want to directly or indirectly sell, dispose of, trade or transfer such Ferrari common shares or otherwise grant any right

or interest therein, or create or permit to exist any pledge, lien, fixed or floating charge or other encumbrance over such

Ferrari common shares with a potential transfer of voting rights relating to such encumbrances will need to submit a de-

registration request as referred to in the Terms and Conditions, in order to transfer the relevant Ferrari common shares to the

regular trading system (the “Regular Trading System”) except that a Ferrari shareholder may transfer Ferrari common shares

included in the Loyalty Register to a Loyalty Transferee (as defined in the Terms and Conditions) of such Ferrari shareholder

without transferring such shares from the Loyalty Register to the Regular Trading System.

Ferrari’s shareholders who seek to qualify to receive special voting shares can also request to have their Ferrari

common shares registered in the Loyalty Register. Upon registration in the Loyalty Register such shares will be eligible to be

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treated as Qualifying Common Shares, provided they meet the conditions more fully described under “—Terms and

Conditions of the Special Voting Shares” below.

Notwithstanding the fact that Article 13 of the Ferrari Articles of Association permits the Board of Directors of

Ferrari to approve transfers of special voting shares, the special voting shares cannot be traded and are transferable only in

very limited circumstances (i.e., to a Loyalty Transferee described above, or to Ferrari for no consideration (om niet)).

Pursuant to Article 23 of the Ferrari Articles of Association, Ferrari shall maintain a special capital reserve to be

credited against the share premium exclusively for the purpose of facilitating any issuance or cancellation of special voting

shares. The special voting shares shall be issued and paid up against this special capital reserve.

The special voting shares have immaterial economic entitlements. Such economic entitlements are designed to

comply with Dutch law but are immaterial for investors. The special voting shares carry the same voting rights as Ferrari

common shares.

Section 10 of the Terms and Conditions include liquidated damages provisions intended to deter any attempt by

holders to circumvent the terms of the special voting shares. Such liquidated damages provisions may be enforced by Ferrari

by means of a legal action brought by Ferrari before competent courts of Amsterdam, the Netherlands. In particular, a

violation of the provisions of the Terms and Conditions concerning the transfer of special voting shares, Electing Common

Shares (common shares registered in the Loyalty Register for the purpose of becoming Qualifying Common Shares in

accordance with the Ferrari Articles of Association) and Qualifying Common Shares may lead to the imposition of liquidated

damages. Because we expect the restrictions on transfers of the special voting shares to be effective in practice we do not

expect the liquidated damages provisions to be used.

Pursuant to Section 12 of the Terms and Conditions, any amendment to the Terms and Conditions (other than

merely technical, non-material amendments and unless such amendment is required to ensure compliance with applicable law

or regulations or the listing rules of any securities exchange on which the Ferrari common shares are listed) may only be

made with the approval of the general meeting of shareholders of Ferrari.

At any time, a holder of Qualifying Common Shares or Electing Common Shares may request the de-registration of

such shares from the Loyalty Register to enable free trading thereof in the Regular Trading System. Upon the de-registration

from the Loyalty Register, such shares will cease to be Electing Common Shares or Qualifying Common Shares as the case

may be and will be freely tradable and voting rights attached to the corresponding special voting shares will be suspended

with immediate effect and such special voting shares shall be transferred to Ferrari for no consideration (om niet).

Terms and Conditions of the Special Voting Shares

The Terms and Conditions apply to the issuance, allocation, acquisition, holding, repurchase and transfer of special

voting shares in our share capital and to certain aspects of Electing Common Shares, Qualifying Common Shares and Ferrari

common shares, which are or will be registered in the Loyalty Register.

Application for Special Voting Shares

A Ferrari shareholder may at any time elect to participate in the loyalty voting program by requesting that Ferrari

register all or some of the number of Ferrari common shares held by such Ferrari shareholder in the Loyalty Register. Such

election shall be effective and registration in the Loyalty Register shall occur as of the end of the calendar month during

which the election is made. If such Ferrari common shares (i.e. Electing Common Shares) have been registered in the Loyalty

Register (and are thus blocked from trading in the Regular Trading System) for an uninterrupted period of three years in the

name of the same shareholder, the holder of such Ferrari common shares will be entitled to receive one Ferrari special voting

share for each such Ferrari common share that has been registered. If at any moment in time such Ferrari common shares are

de-registered from the Loyalty Register for whatever reason, the relevant shareholder loses its entitlement to hold a

corresponding number of Ferrari special voting shares.

Withdrawal of Special Voting Shares

As described above, a holder of Qualifying Common Shares or Electing Common Shares may request that some or

all of its Qualifying Common Shares or Electing Common Shares be de-registered from the Loyalty Register and if held

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outside the Regular Trading System, transfer such shares back to the Regular Trading System, which will allow such

shareholder to freely trade its Ferrari common shares, as described below. From the moment of such request, the holder of

Qualifying Common Shares shall be considered to have waived his rights to cast any votes associated with the Ferrari special

voting shares which were issued and allocated in respect of such Qualifying Common Shares. Any such request would

automatically trigger a mandatory transfer requirement pursuant to which the Ferrari special voting shares will be offered and

transferred to Ferrari for no consideration in accordance with the Ferrari Articles of Association and the Terms and

Conditions. Ferrari may continue to hold the special voting shares as treasury stock, but will not be entitled to vote any such

treasury stock. Alternatively, Ferrari may withdraw and cancel the special voting shares, as a result of which the nominal

value of such shares will be allocated to the special capital reserves of Ferrari. Consequently, the loyalty voting feature will

terminate as to the relevant Qualifying Common Shares being deregistered from the Loyalty Register. No shareholder

required to transfer special voting shares pursuant to the Terms and Conditions shall be entitled to any consideration for such

special voting shares and each shareholder expressly waives any rights in that respect as a condition to participation in the

loyalty voting program.

Change of Control

A shareholder who is a holder of Qualifying Common Shares or Electing Common Shares must promptly notify the

Agent and Ferrari upon the occurrence of a “change of control” as defined in the Ferrari Articles of Association, as described

below. The change of control will trigger the de-registration of the relevant Electing Common Shares or Qualifying Common

Shares or the relevant Ferrari common shares in the Loyalty Register. The voting rights attached to the special voting shares

issued and allocated in respect of the relevant Qualified Common Shares will be suspended upon a direct or indirect change

of control in respect of the relevant holder of such Qualifying Common Shares that are registered in the Loyalty Register.

For the purposes of this section a “change of control” shall mean, in respect of any Ferrari shareholder that is not an

individual (natuurlijk persoon), any direct or indirect transfer in one or a series of related transactions as a result of which

(i) a majority of the voting rights of such shareholder, (ii) the de facto ability to direct the casting of a majority of the votes

exercisable at general meetings of shareholders of such shareholder and/or (iii) the ability to appoint or remove a majority of

the Directors, executive Directors or board members or executive officers of such shareholder or to direct the casting of a

majority or more of the voting rights at meetings of the board of Directors, governing body or executive committee of such

shareholder has been transferred to a new owner, provided that no change of control shall be deemed to have occurred if

(a) the transfer of ownership and/or control is an intra-group transfer under the same parent company, (b) the transfer of

ownership and /or control is the result of the succession or the liquidation of assets between spouses or the inheritance, inter

vivos donation or other transfer to a spouse or a relative up to and including the fourth degree or (c) the fair market value of

the Qualifying Common Shares held by such shareholder represents less than twenty percent (20 percent) of the total assets

of the Transferred Group at the time of the transfer and the Qualifying Common Shares held by such shareholder, in the sole

judgment of the Company, are not otherwise material to the Transferred Group or the change of control transaction.

“Transferred Group” shall mean the relevant shareholder together with its affiliates, if any, over which control was

transferred as part of the same change of control transaction within the meaning of the definition of change of control.

Liability to Further Capital Calls

All of the outstanding Ferrari common shares and special voting shares are fully paid and non-assessable.

Additional Issuances and Rights of Preference

Issuance of Shares

The general meeting of shareholders of Ferrari (the “General Meeting”) has the authority to resolve on any issuance

of shares, unless such authority has been delegated to the Board of Directors of Ferrari. In such a resolution, the General

Meeting must determine the price and other terms of issuance. The Board of Directors of Ferrari may have the power to issue

shares if it has been authorized to do so by the General Meeting, or pursuant to the Ferrari Articles of Association. Under

Dutch law, such authorization may not exceed a period of five years, but may be renewed by a resolution of the General

Meeting for subsequent five-year periods at any time. The Board of Directors has been designated by the Ferrari Articles of

Association as the competent body to issue Ferrari common shares and special voting shares up to the maximum aggregate

amount of the Ferrari authorized share capital for an initial period of five years from January 2, 2016, which may be extended

by the General Meeting with additional consecutive periods of up to a maximum of five years each. The authorization was

renewed on an annual basis by the Annual General Meetings in 2020 and subsequent years. Pursuant to the resolution of the

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Annual General Meeting held on April 17, 2024, the authorization has been further renewed for the period starting from April

17, 2024 up to and including October 16, 2025.

Ferrari will not be required to obtain approval from a General Meeting to issue shares pursuant to the exercise of a

right to subscribe for shares that was previously granted pursuant to authority granted by the shareholders or pursuant to

delegated authority by the Board of Directors. The General Meeting shall, for as long as any such designation of the Board of

Directors of Ferrari for this purpose is in force, no longer has authority to decide on the issuance of shares.

Rights of Pre-emption

Under Dutch law and the Ferrari Articles of Association, each Ferrari shareholder has a right of pre-emption in

proportion to the aggregate nominal value of its shareholding upon the issuance of new Ferrari common shares (or the

granting of rights to subscribe for Ferrari common shares). Exceptions to this right of pre-emption include the issuance of

new Ferrari common shares (or the granting of rights to subscribe for common shares): (i) to employees of Ferrari or another

member of its group pursuant to a stock compensation plan of Ferrari, (ii) against payment in kind (contribution other than in

cash) and (iii) to persons exercising a previously granted right to subscribe for Ferrari common shares.

In the event of an issuance of special voting shares, shareholders shall not have any right of pre-emption.

The General Meeting may resolve to limit or exclude the rights of pre-emption upon an issuance of Ferrari common

shares, which resolution requires approval of at least two-thirds of the votes cast, if less than half of the issued share capital is

represented at the General Meeting. The Ferrari Articles of Association or the General Meeting may also designate the Board

of Directors to resolve to limit or exclude the rights of pre-emption in relation to the issuance of Ferrari common shares.

Pursuant to Dutch law, the designation by the General Meeting may be granted to the Board of Directors for a specified

period of time of not more than five years and only if the Board of Directors has also been designated or is simultaneously

designated the authority to resolve to issue Ferrari common shares. The Board of Directors is designated in the Ferrari

Articles of Association as the competent body to exclude or limit rights of pre-emption for an initial period of five years from

January 2, 2016, which may be extended by the General Meeting with additional periods up to a maximum of five years per

period. Pursuant to the resolutions of the Annual General Meeting held on April 16, 2020, the Board of Directors was

authorized to issue Ferrari common shares and to limit or exclude the rights of pre-emption in relation to the issuance of

Ferrari common shares for the period starting from January 2, 2021 up to and including October 15, 2021. The authorization

was renewed on an annual basis by the Annual General Meetings in 2020 and subsequent years. Pursuant to the resolution of

the Annual General Meeting held on April 17, 2024, the Board of Directors has been authorized to issue Ferrari common

shares and to limit or exclude the rights of pre-emption in relation to the issuance of Ferrari common shares for the period

starting from April 17, 2024 up to and including October 16, 2025.

Repurchase of Shares

Upon agreement with the relevant Ferrari shareholder, Ferrari may acquire its own shares at any time for no

consideration (om niet), or subject to certain provisions of Dutch law and the Ferrari Articles of Association for

consideration, if: (i) Ferrari’s shareholders’ equity less the payment required to make the acquisition does not fall below the

sum of called-up and paid-in share capital and any statutory reserves, (ii) Ferrari would thereafter not hold a pledge over

Ferrari common shares or together with subsidiaries hold Ferrari common shares with an aggregate nominal value exceeding

50 percent of the Ferrari’s issued share capital and (iii) the Board of Directors has been authorized to do so by the General

Meeting.

The acquisition of fully paid-up shares by Ferrari other than for no consideration (om niet) requires authorization by

the General Meeting. Such authorization may be granted for a period not exceeding 18 months and shall specify the number

of shares, the manner in which the shares may be acquired and the price range within which shares may be acquired. The

authorization is not required for the acquisition of shares from employees of Ferrari or another member of its Group, under a

scheme applicable to such employees and no authorization is required for repurchase of shares acquired in certain other

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limited circumstances in which the acquisition takes place by operation of law, such as pursuant to mergers or demergers.

Such shares must be officially listed on a price list of an exchange.

At a General Meeting the shareholders may resolve to designate the Board of Directors of Ferrari as the competent

body to resolve on Ferrari acquiring any Ferrari’s fully paid up Ferrari common shares other than for no consideration (om

niet) for a period of up to 18 months.

Ferrari may, jointly with its subsidiaries, hold Ferrari shares in its own capital exceeding one-tenth of its issued

capital for no more than three years after acquisition of such Ferrari shares for no consideration (om niet) or in certain other

limited circumstances in which the acquisition takes place by operation of law, such as pursuant to mergers or demergers.

Any Ferrari shares held by Ferrari in excess of the amount permitted shall transfer to all members of the Board of Directors

jointly at the end of the last day of such three year period. Each member of the Board of Directors shall be jointly and

severally liable to compensate Ferrari for the value of the Ferrari shares at such time, with interest at the statutory rate thereon

from such time. The term Ferrari shares in this paragraph shall include depositary receipts for shares and shares in respect of

which Ferrari holds a right of pledge.

No votes may be cast at a General Meeting on the Ferrari shares held by Ferrari or its subsidiaries. Also no voting

rights may be cast at a General Meeting in respect of Ferrari shares for which depositary receipts have been issued that are

owned by Ferrari. Nonetheless, the holders of a right of usufruct or pledge in respect of shares held by Ferrari and its

subsidiaries in Ferrari’s share capital are not excluded from the right to vote on such shares, if the right of usufruct or pledge

was granted prior to the time such shares were acquired by Ferrari or its subsidiaries. Neither Ferrari nor any of its

subsidiaries may cast votes in respect of a share on which it or its subsidiaries holds a right of usufruct or pledge.

Reduction of Share Capital

Shareholders at a General Meeting have the power to cancel shares acquired by Ferrari or to reduce the nominal

value of the shares. A resolution to reduce the share capital requires a majority of at least two-thirds of the votes cast at the

General Meeting, if less than one-half of the issued capital is present or represented at the meeting. If more than one-half of

the issued share capital is present or represented at the meeting, a simple majority of the votes cast at the General Meeting is

required. Any proposal for cancellation or reduction of nominal value is subject to general requirements of Dutch law with

respect to reduction of share capital.

Transfer of Shares

In accordance with the provisions of Dutch law, pursuant to Article 12 of the Ferrari Articles of Association, the

transfer or creation of Ferrari shares or a right in rem thereon requires a deed intended for that purpose and save when Ferrari

is a party to the transaction, written acknowledgment by Ferrari of the transfer.

The transfer of Ferrari common shares that have not been entered into a book-entry system will be effected in

accordance with Article 12 of the Ferrari Articles of Association.

Common shares that have been entered into the DTC book-entry system will be registered in the name of Cede &

Co., as nominee for DTC and transfers of beneficial ownership of shares held through DTC will be effected by electronic

transfer made by DTC participants. Article 12 of the Ferrari Articles of Association does not apply to the trading of such

Ferrari common shares on a regulated market or the equivalent thereof.

Transfers of shares held outside of DTC (including Monte Titoli S.p.A., as a participant in DTC) or another direct

registration system maintained by Computershare, Ferrari’s transfer agent in New York (“Transfer Agent”) and not

represented by certificates are effected by a stock transfer instrument and require the written acknowledgment by Ferrari.

Transfer of registered certificates is effected by presenting and surrendering the certificates to the Transfer Agent. A valid

transfer requires the registered certificates to be properly endorsed for transfer as provided for in the certificates and

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accompanied by proper instruments of transfer and stock transfer tax stamps for, or funds to pay, any applicable stock

transfer taxes.

Ferrari common shares are freely transferable. As described below, special voting shares are generally not

transferable.

At any time, a holder of Ferrari common shares that are registered in the Loyalty Register (i.e. Electing Common

Shares or Qualifying Common Shares) wishing to transfer such Ferrari common shares other than in limited specified

circumstances (i.e., transfers to affiliates or to relatives through succession, donation or other transfers) must first request a

de-registration of such shares from the Loyalty Register and if held outside the Regular Trading System, transfer such

common shares back into the Regular Trading System. After de-registration from the Loyalty Register, such Ferrari common

shares no longer qualify as Electing Common Shares or Qualifying Common Shares, as a result, the holder of such Ferrari

common shares is required to offer and transfer the special voting shares associated with such Ferrari common shares that

were previously Qualifying Common Shares to Ferrari for no consideration (om niet) as described in detail in “—Loyalty

Voting Program—Terms and Conditions of the Special Voting Shares—Withdrawal of Special Voting Shares”.

Annual Accounts and Independent Registered Public Accounting Firm

Ferrari’s financial year is the calendar year. Within four months after the end of each financial year, the Board of

Directors will prepare the annual accounts, which must be accompanied by an annual report and an auditors’ report and will

publish the accounts and annual report and will make those available for inspection at Ferrari’s corporate address. All

members of the Board of Directors are required to sign the annual accounts and in case the signature of any member is

missing, the reason for this must be stated. The annual accounts are to be adopted by the General Meeting at the annual

general meeting of shareholders, at which meeting the members of the Board of Directors will be discharged from liability for

performance of their duties with respect to any matter disclosed in the annual accounts for the relevant financial year insofar

this appears from the annual accounts. The annual accounts, the annual report and independent registered public accounting

firm’s reports are made available through Ferrari’s website to the shareholders for review as from the day of the notice

convening the annual general meeting of shareholders.

Payment of Dividends

Ferrari may make distributions to the shareholders and other persons entitled to the distributable profits only to the

extent that its shareholders’ equity exceeds the sum of the paid-up and called up portion of the share capital and the reserves

that must be maintained in accordance with Dutch law. No distribution of profits may be made to Ferrari itself for shares that

Ferrari holds in its own share capital.

Ferrari may only make a distribution of dividends to the shareholders after the adoption of its statutory annual

accounts demonstrating that such distribution is legally permitted. The Board of Directors may determine that other freely

distributable distributions shall be made, in whole or in part, from Ferrari’s share premium reserve or from any other reserve,

provided that payments from reserves may only be made to the shareholders that are entitled to the relevant reserve upon the

dissolution of Ferrari and provided further that the policy of Ferrari on additions to reserves and dividends is duly observed.

Holders of special voting shares will not receive any dividend in respect of the special voting shares. However

Ferrari maintains a separate dividend reserve for the special voting shares for the sole purpose of the allocation of the

mandatory minimal profits that accrue to the special voting shares. This allocation establishes a reserve for the amount that

would otherwise be paid. The special voting shares do not carry any entitlement to any other reserve. Any distribution out of

the special dividend reserve or the partial or full release of such reserve requires a prior proposal from the Board of Directors

and a subsequent resolution of the meeting of holders of special voting shares.

Insofar as the profits have not been distributed or allocated to the reserves, they may, by resolution of the General

Meeting, be distributed as dividends on the Ferrari common shares only. The General Meeting may resolve, on the proposal

of the Board of Directors, to declare and distribute dividends in U.S. Dollars. The Board of Directors may decide, subject to

the approval of the General Meeting and the Board of Directors having been designated as the body competent to pass a

resolution for the issuance of shares, that a distribution shall, wholly or partially, be made in the form of shares, or that

shareholders shall be given the option to receive a distribution either in cash or in the form of shares.

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The right to dividends and distributions will lapse if the dividends or distributions are not claimed within five years

following the day after the date on which they first became payable. Any dividends or other distributions made in violation of

the Ferrari Articles of Association or Dutch law will have to be repaid by the shareholders who knew or should have known,

of such violation.

General Meetings and Voting Rights

Annual Meeting

An annual General Meeting must be held within six months from the end of Ferrari’s preceding financial year. The

purpose of the annual General Meeting is to discuss, among other things, the annual report, the adoption of the annual

accounts, allocation of profits (including the proposal to distribute dividends), release of members of the Board of Directors

from liability for their management and supervision, and other proposals brought up for discussion by the Board of Directors.

General Meeting and Place of Meetings

Other General Meetings will be held if requested by the Board of Directors, the chairman of the Board of Directors,

the chairperson or the chief executive officer, or by the written request (stating the exact subjects to be discussed) of one or

more shareholders representing in aggregate at least 10 percent of the issued share capital of the company (taking into

account the relevant provisions of Dutch law, and the Ferrari Articles of Association and the applicable stock exchange

regulations). General Meetings will be held in Amsterdam or Haarlemmermeer (Schiphol Airport), the Netherlands.

Convocation Notice and Agenda

General Meetings can be convened by a notice, specifying the subjects to be discussed, the place and the time of the

meeting and admission and participation procedure, issued at least 15 days before the meeting or 42 days if shares of Ferrari

or depositary receipts issued with cooperation of Ferrari have been admitted to trading on the Euronext Milan or another

regulated market as referred to in Article 1:1 of the Dutch Financial Supervision Act. All convocations, announcements,

notifications and communications to shareholders and other persons entitled to attend the General Meeting must be made on

the company’s corporate website in accordance with the relevant provisions of Dutch law. The agenda for a General Meeting

may contain the items requested by one or more shareholders representing at least three percent of the issued share capital of

the company. Requests must be made in writing, including the reasons for adding the relevant item on the agenda, and

received by the Board of Directors at least 60 days before the day of the meeting. The agenda of the annual general meeting

of shareholders shall contain, inter alia, the following items:

a. adoption of the annual report;

b. the remuneration report;

c. at least every four years after adoption of the remuneration policy, the remuneration policy;

d. the policy of the Company on additions to reserves and on dividends, if any;

e. granting of discharge to the Directors in respect of the performance of their duties in the relevant financial year;

f. the appointment of Directors;

g. if applicable, the proposal to pay a dividend;

h. if applicable, discussion of any substantial change in the corporate governance structure of the Company; and

i. any matters decided upon by the person(s) convening the meeting and any matters placed on the agenda with due

observance of applicable Dutch law.

The Board of Directors shall provide the general meeting of shareholders with all requested information, unless this

would be contrary to an overriding interest of the Company. If the Board of Directors invokes an overriding interest, it must

give reasons.

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Admission and Registration

Each shareholder entitled to vote, and each person holding a usufruct or pledge to whom the right to vote on the

Ferrari common shares accrues, shall be authorized to attend the General Meeting, to address the General Meeting and to

exercise its voting rights. The registration date of each General Meeting is the twenty-eighth day prior to the date of the

General Meeting so as to establish which shareholders are entitled to attend and vote at the General Meeting. Only holders of

shares and other persons entitled to vote or attend the General Meeting, at such registration date are entitled to attend and vote

at the General Meeting. The convocation notice for the meeting shall state the registration date and the manner in which the

persons entitled to attend the General Meeting may register and exercise their rights.

Those entitled to attend a General Meeting may be represented at a General Meeting by a proxy authorized in

writing. The requirement that a proxy must be in written form is also fulfilled when it is recorded electronically.

Members of the Board of Directors have the right to attend a General Meeting. In these General Meetings they have

an advisory role.

Voting Rights

Ferrari applies the one-share-one-vote principle, meaning that each Ferrari common share and each special voting

share confers the right on the holder to cast one vote at a General Meeting. Resolutions are passed by a simple majority of the

votes cast, unless Dutch law or the Ferrari Articles of Association prescribes a larger majority. Blank votes shall not be

counted as votes cast. Shares in respect of which Dutch law determines that no votes may be cast shall be disregarded for the

purposes of determining the proportion of shareholders voting, present or represented or the proportion of the share capital

present or represented. Under Dutch law and/or the Ferrari Articles of Association, the following matters require at least two-

thirds of the votes cast at a meeting if less than half of the issued share capital is present or represented:

• a resolution to reduce the issued share capital;

• a resolution to amend the Ferrari Articles of Association;

• a resolution to restrict or exclude rights of pre-emption;

• a resolution to authorize the Board of Directors to restrict or exclude shareholder rights of pre-emption;

• a resolution to enter into a legal merger or a legal demerger; or

• a resolution to dissolve Ferrari.

Under Dutch law, a resolution to adopt the remuneration policy requires three-fourths of the votes validly cast,

unless the Ferrari Articles of Association include a lower threshold which could be inserted in the Ferrari Articles of

Association through a resolution of the General Meeting pursuant to a prior proposal of the Board of Directors. Such a

resolution to amend the Ferrari Articles of Association must be approved by a vote of a majority of at least two-thirds of the

votes cast if less than one-half of the issued share capital is present or represented at such General Meeting and a simple

majority vote if one-half or more than one-half of the issued share capital is present or represented at such General Meeting.

All votes shall be cast in writing or electronically. The chairman of the meeting may, however, determine that voting

by raising hands or in another manner shall be permitted.

Voting by acclamation shall be permitted if none of the shareholders present or represented objects.

No voting rights shall be exercised in the general meeting of shareholders for shares owned by the Company or by a

subsidiary of the Company. Pledgees and usufructuaries of shares owned by the Company and its subsidiaries shall however

not be excluded from exercising their voting rights, if the right of pledge or usufruct was created before the shares were

owned by the Company or a subsidiary. Neither the Company nor any of its subsidiaries may exercise voting rights for shares

in respect of which it holds a right of pledge or usufruct.

Without prejudice to the Articles of Association, the Company shall determine for each resolution passed:

• the number of shares on which valid votes have been cast;

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• the percentage that the number of shares as referred to under a. represents in the issued share capital;

• the aggregate number of votes validly cast; and

• the aggregate number of votes cast in favor of and against a resolution, as well as the number of abstentions.

Limitations on rights of non-resident or foreign shareholders

There are no limitations imposed by Dutch law or by the Ferrari Articles of Association on the rights of non-resident

or foreign shareholders to hold or vote Ferrari common shares.

Shareholders’ Votes on Certain Transactions

Any important change in the identity or character of Ferrari must be approved by the General Meeting, including

(i) the termination transfer to a third party of the business of Ferrari or practically the entire business of Ferrari; (ii) the entry

into or breaking off of any long-term cooperation of Ferrari or a subsidiary with another legal entity or company or as a fully

liable partner of a general partnership or limited partnership, where such entry into or breaking off is of far-reaching

importance to Ferrari; and (iii) the acquisition or disposal by Ferrari or a subsidiary of an interest in the capital of a company

with a value of at least one-third of Ferrari’s assets according to the consolidated statement of financial position with

explanatory notes included in the last adopted annual accounts of Ferrari.

Amendments to the Ferrari Articles of Association, including Variation of Rights

A resolution of the General Meeting to amend the Ferrari Articles of Association or to wind up Ferrari may be

approved only if proposed by the Board of Directors and must be approved by a vote of a majority of at least two-thirds of the

votes cast if less than one-half of the issued share capital is present or represented at such General Meeting.

The rights of shareholders may be changed only by amending the Ferrari Articles of Association in compliance with

Dutch law.

Dissolution and Liquidation

The General Meeting may resolve to dissolve Ferrari, upon a proposal of the Board of Directors thereto. A majority

of at least two-thirds of the votes cast shall be required if less than one-half of the issued capital is present or represented at

the meeting. In the event of dissolution, Ferrari will be liquidated in accordance with Dutch law and the Ferrari Articles of

Association and the liquidation shall be arranged by the members of the Board of Directors, unless the General Meeting

appoints other liquidators. During liquidation, the provisions of the Ferrari Articles of Association will remain in force as

long as possible.

If Ferrari is dissolved and liquidated, whatever remains of Ferrari’s equity after all its debts have been discharged

shall first be applied to distribute the aggregate balance of share premium reserves and other reserves (other than the special

dividend reserve), to holders of Ferrari common shares in proportion to the aggregate nominal value of the Ferrari common

shares held by each holder; secondly, from any balance remaining, an amount equal to the aggregate amount of the nominal

value of the Ferrari common shares will be distributed to the holders of Ferrari common shares in proportion to the aggregate

nominal value of Ferrari common shares held by each of them; thirdly, from any balance remaining, an amount equal to the

aggregate amount of the special voting shares dividend reserve will be distributed to the holders of special voting shares in

proportion to the aggregate nominal value of the special voting shares held by each of them; fourthly, from any balance

remaining, the aggregate amount of the nominal value of the special voting shares will be distributed to the holders of special

voting shares in proportion to the aggregate nominal value of the special voting shares held by each of them; and, lastly, any

balance remaining will be distributed to the holders of Ferrari common shares in proportion to the aggregate nominal value of

Ferrari common shares held by each of them.

Liability of Directors

Under Dutch law, the management of a company is a joint undertaking and each member of the Board of Directors

can be held jointly and severally liable to Ferrari for damages in the event of improper or negligent performance of their

duties. Further, members of the Board of Directors can be held liable to third parties based on tort, pursuant to certain

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provisions of the Dutch Civil Code. All Directors are jointly and severally liable for failure of one or more co-Directors. An

individual Director is only exempted from liability if he proves that he cannot be held seriously culpable for the

mismanagement and that he has not been negligent in seeking to prevent the consequences of the mismanagement. In this

regard a Director may, however, refer to the allocation of tasks between the Directors. In certain circumstances, Directors

may incur additional specific civil and criminal liabilities.

Indemnification of Directors and Officers

Under Dutch law, indemnification provisions may be included in a company’s articles of association. Under the

Ferrari Articles of Association, Ferrari is required to indemnify its Directors, officers, former Directors, former officers and

any person who may have served at Ferrari’s request as a Director or officer of another company in which Ferrari owns

shares or of which Ferrari is a creditor who were or are made a party or are threatened to be made a party or are involved in,

any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative, arbitrative or

investigative (each a “Proceeding”), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such

a Proceeding, against any and all liabilities, damages, reasonable and documented expenses (including reasonably incurred

and substantiated attorney’s fees), financial effects of judgments, fines, penalties (including excise and similar taxes and

punitive damages) and amounts paid in settlement in connection with such Proceeding by any of them. Notwithstanding the

above, no indemnification shall be made in respect of any claim, issue or matter as to which any of the abovementioned

indemnified persons shall be adjudged to be liable for gross negligence or willful misconduct in the performance of such

person’s duty to Ferrari. This indemnification by Ferrari is not exclusive of any other rights to which those indemnified may

be entitled otherwise. Ferrari has purchased directors’ and officers’ liability insurance for the members of the Board of

Directors and certain other officers, substantially in line with that purchased by similarly situated companies.

Dutch Corporate Governance Code

The Dutch Corporate Governance Code contains principles and best practice provisions that regulate relations

between the board and the shareholders (including the General Meeting). The Dutch Corporate Governance Code is divided

into five chapters which address the following topics: (i) sustainable long-term value creation; (ii) effective management and

supervision; (iii) remuneration; (iv) the general meeting; and (v) one-tier governance structure.

Dutch companies whose shares are listed on a government-recognized stock exchange, such as the NYSE, are

required under Dutch law to disclose in their annual reports whether or not they apply the provisions of the Dutch Corporate

Governance Code and, in the event that they do not apply a certain provision, to explain the reasons why they have chosen to

deviate.

Ferrari acknowledges the importance of good corporate governance and supports the best practice provisions of the

Dutch Corporate Governance Code. Therefore, Ferrari intends to comply with the relevant best practice provisions of the

Dutch Corporate Governance Code except as may be noted from time to time in Ferrari’s annual reports.

The Dutch Corporate Governance Code has been revised in December 2016 and the revised Dutch Corporate

Governance Code entered into force on January 1, 2018, being applicable retroactively as from the financial year 2017.

Consequently, Ferrari has reported in 2018 regarding its application of the revised Dutch Corporate Governance Code with

respect to the financial year 2017. On December 20, 2022, the Corporate Governance Code Monitoring Committee published

an update to the Dutch Corporate Governance Code. The updated Dutch Corporate Governance Code has entered into force

on January 1, 2024 and is applicable retroactively as from financial year 2023.

Disclosure of Holdings under Dutch Law

Home member state for purposes of the EU Transparency Directive

The Netherlands is Ferrari’s home member state for the purposes of the EU Transparency Directive (Directive

2004/109/EC, as amended). Due to the listing of the Ferrari common shares on Euronext Milan, we are subject to financial

and other reporting obligations under the Dutch act on Financial Supervision (Wet op het financieel toezicht, “AFS”) and the

Dutch Financial Reporting Supervision Act (Wet toezicht financiële verslaggeving), which both implement the EU

Transparency Directive in the Netherlands.

Disclosure of information

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Ferrari is required to publish its annual report (consisting of the audited annual accounts and the board report,

including a sustainability statement in accordance with the Corporate Sustainability Reporting Directive) within four months

after the end of each financial year and its half-yearly figures within three months after the end of the first six months of each

financial year.

Shareholder disclosure and reporting obligations

As a result of the listing of the Ferrari common shares on the Euronext Milan, chapter 5.3 of the AFS applies,

pursuant to which any person who, directly or indirectly, acquires or disposes of an actual or potential capital interest and/or

actual or potential voting rights in Ferrari must promptly give written notice to the Netherlands Authority for the Financial

Markets (stichting Autoriteit Financiële Markten, the “AFM”) of such acquisition or disposal by means of a standard form if,

as a result of such acquisition or disposal, the percentage of capital interest and/or voting rights held by such person reaches,

exceeds or falls below the following thresholds: 3 percent, 5 percent, 10 percent, 15 percent, 20 percent, 25 percent, 30

percent, 40 percent, 50 percent, 60 percent, 75 percent and 95 percent.

For the purpose of calculating the percentage of capital interest or voting rights, the following interests must, inter

alia, be taken into account: (i) shares and/or voting rights directly held (or acquired or disposed of) by any person, (ii) shares

and/or voting rights held (or, acquired or disposed of) by such person’s controlled entities or by a third party for such

person’s account, (iii) voting rights held (or acquired or disposed of) by a third party with whom such person has concluded

an oral or written voting agreement, (iv) voting rights acquired pursuant to an agreement providing for a temporary transfer of

voting rights in consideration for a payment, and (v) shares which such person, or any controlled entity or third party referred

to above, may acquire pursuant to any option or other right to acquire shares.

As a consequence of the above, special voting shares must be added to Ferrari common shares for the purposes of

the above thresholds.

Controlled entities (within the meaning of the AFS) do not themselves have notification obligations under the AFS

as their direct and indirect interests are attributed to their (ultimate) parent. If a person who has a three percent or larger

interest in Ferrari’s share capital or voting rights ceases to be a controlled entity it must immediately notify the AFM and all

notification obligations under the AFS will become applicable to such former controlled entity.

Special rules apply to the attribution of shares and/or voting rights which are part of the property of a partnership or

other form of joint ownership. A holder of a pledge or right of usufruct in respect of shares can also be subject to notification

obligations, if such person has, or can acquire, the right to vote on the shares. The acquisition of (conditional) voting rights by

a pledgee or beneficial owner may also trigger notification obligations as if the pledgee or beneficial owner were the legal

holder of the shares and/or voting rights.

Furthermore, when calculating the percentage of capital interest, a person is also considered to be in possession of

shares if (i) such person holds a financial instrument the value of which is (in part) determined by the value of the shares or

any distributions associated therewith and which does not entitle such person to acquire any shares, (ii) such person may be

obliged to purchase shares on the basis of an option, or (iii) such person has concluded another contract whereby such person

acquires an economic interest comparable to that of holding a share.

If a person’s capital interest and/or voting rights reaches, exceeds or falls below the abovementioned thresholds as a

result of a change in Ferrari’s issued and outstanding share capital or voting rights, such person is required to make a

notification not later than on the fourth trading day after the AFM has published Ferrari’s notification as described below.

Following the implementation of Directive 2013/50/EU into the AFS, every holder of three percent more of the

issued and outstanding share capital or voting rights whose interest has changed compared to his most recent notification, and

which holder knows or should know that pursuant to this change his interest reaches or crosses a threshold as a result of

certain acts (as described above and including the exchange of a financial instrument or a contract (pursuant to which the

holder is deemed to have issued and outstanding shares or voting rights at his disposal)), must notify the AFM of this change.

Ferrari is required to notify the AFM promptly of any change of one percent or more in its issued and outstanding

share capital or voting rights since a previous notification. Other changes in Ferrari’s issued and outstanding share capital or

voting rights must be notified to the AFM within eight days after the end of the quarter in which the change occurred.

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In addition to the above described notification obligations pertaining to capital interest or voting rights, pursuant to

Regulation (EU) No 236/2012, as amended, notification must be made of any net short position of 0.1% in the issued share

capital of Ferrari, and of every subsequent 0.1% above this threshold. Notifications starting at 0.5% and every subsequent

0.1% above this threshold will be made public via the short selling register of the AFM. Furthermore, gross short positions

shall be notified in the event that a threshold is reached, exceeded or fallen below. With regard to gross short positions, the

same disclosure thresholds as for holders of capital interests and/or voting rights apply.

Furthermore, each member of the Board of Directors must notify the AFM:

• within two weeks after his/her appointment of the number of shares he/she holds and the number of votes he/she is

entitled to cast in respect of Ferrari’s issued and outstanding share capital, and

• subsequently of each change in the number of shares he/she holds and of each change in the number of votes he/she

is entitled to cast in respect of Ferrari’s issued and outstanding share capital, immediately after the relevant change.

The AFM keeps a public register of all notifications made pursuant to these disclosure obligations and publishes any

notification received which can be accessed via www.afm.nl. The notifications referred to in this paragraph should be made

in writing by means of a standard form or electronically through the notification system of the AFM.

Non-compliance with these disclosure obligations is an economic offense and may lead to criminal prosecution. The

AFM may impose administrative penalties for non-compliance, and the publication thereof. In addition, a civil court can

impose measures against any person who fails to notify or incorrectly notifies the AFM of matters required to be notified. A

claim requiring that such measures be imposed may be instituted by Ferrari and/or by one or more shareholders who alone or

together with others represent at least three percent of the issued and outstanding share capital of Ferrari or are able to

exercise at least three percent of the voting rights. The measures that the civil court may impose include:

• an order requiring appropriate disclosure;

• suspension of the right to exercise the voting rights for a period of up to three years as determined by the court;

• voiding a resolution adopted by the General Meeting, if the court determines that the resolution would not have been

adopted but for the exercise of the voting rights of the person with a duty to disclose, or suspension of a resolution

adopted by the general meeting of shareholders until the court makes a decision about such voiding; and

• an order to refrain, during a period of up to five years as determined by the court, from acquiring shares and/or

voting rights in Ferrari. Shareholders are advised to consult with their own legal advisers to determine whether the

disclosure obligations apply to them.

Shareholders are advised to consult with their own legal advisers to determine whether the disclosure obligations

apply to them.

Mandatory Bid Requirement

Under Dutch law any person, acting alone or in concert with others, who, directly or indirectly, acquires 30 percent

or more of Ferrari’s voting rights will be obliged to launch a public offer for all outstanding shares in Ferrari’s share capital.

An exception is made for shareholders who, whether alone or acting in concert with others, had an interest of at least 30

percent of Ferrari’s voting rights before the shares were first listed on the Euronext Milan (formerly Mercato Telematico

Azionario or “MTA”), and who still maintained such an interest after such first listing. Immediately after the first listing of

Ferrari common shares on MTA, now Euronext Milan, Exor held more than 30 percent of Ferrari’s voting rights. Therefore

Exor’s interest in Ferrari was grandfathered and the exception that applies to it will continue to apply to it for as long as its

holding of shares represents over 30 percent of Ferrari’s voting rights.

Dutch Financial Reporting Supervision Act

On the basis of the Dutch Financial Reporting Supervision Act (Wet toezicht financiële verslaggeving), or the FRSA,

the AFM supervises the application of financial reporting standards by, amongst others, companies whose official seat is in

the Netherlands and whose securities are listed on a regulated market within the EU or in a non-EU country on a system

similar to a regulated market.

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Pursuant to the FRSA, the AFM has an independent right to (i) request an explanation from Ferrari regarding its

application of the applicable financial reporting standards and (ii) recommend to us the making available of further

explanations. If we do not comply with such a request or recommendation, the AFM may request that the Enterprise Chamber

order us to (i) make available further explanations as recommended by the AFM, (ii) provide an explanation of the way we

have applied the applicable financial reporting standards to our financial reports or (iii) prepare our financial reports in

accordance with the Enterprise Chamber’s instructions.

Compulsory Acquisition

Pursuant to Section 2:92a of the Dutch Civil Code (“DCC”), a shareholder who, for its own account, holds at least

95 percent of the issued share capital of Ferrari may institute proceedings against the other shareholders jointly for the

transfer of their shares to it. The proceedings are held before the Dutch Enterprise Chamber and can be instituted by means of

a writ of summons served upon each of the minority shareholders in accordance with the provisions of the Dutch Code of

Civil Procedure. The Enterprise Chamber may grant the claim for the squeeze-out in relation to all minority shareholders and

will determine the price to be paid for the shares, if necessary after appointment of one or three expert(s) who will offer an

opinion to the Enterprise Chamber on the value to be paid for the shares of the minority shareholders. Once the order to

transfer becomes final before the Enterprise Chamber, the person acquiring the shares must give written notice of the date and

place of payment and the price to the holders of the shares to be acquired whose addresses are known to it. Unless the

addresses of all of them are known to it, it must also publish the same in a Dutch daily newspaper with a national circulation.

A shareholder can only appeal against the judgment of the Enterprise Chamber before the Dutch Supreme Court.

In addition, pursuant to Section 2:359c of the DCC, an offeror under a public offer is also entitled to start a squeeze

out procedure, within three months after the public offer, if following the public offer it holds at least 95% of the issued share

capital of Ferrari representing at least 95% of the total voting rights. In the event of a mandatory offer, the mandatory offer

price is in principle deemed to be a reasonable price, which has to be accepted by minority shareholders. In the event of a

voluntary public offer, the offer price is considered reasonable if at least 90% of the shares have been acquired under the

public offer.

Pursuant to Section 2:359d of the DCC, if the offeror has acquired at least 95% of the issued share capital of Ferrari

representing at least 95% of the total voting rights, each remaining minority shareholder is entitled to demand a squeeze out.

This procedure must be initiated with the Enterprise Chamber within three months after the end of the period for tendering

Shares in the public offer. With regard to the price per share to be paid by the majority Shareholder, the same procedure as

for squeeze out proceedings initiated by the offeror, as set out in the previous paragraph, applies.

Disclosure of Trades in Listed Securities

Disclosure under Dutch Law

Pursuant to the AFS and the Market Abuse Regulation (EU) No 596/2014 (the “Market Abuse Regulation”), each of

the members of the Board of Directors and any other person discharging managerial responsibilities within Ferrari and who in

that capacity is authorized to make decisions affecting the future developments and business prospects of Ferrari and who has

regular access to inside information relating, directly or indirectly, to Ferrari (each, an “Insider”) must notify the AFM of all

transactions, conducted or carried out for his/her own account, relating to Ferrari common shares, special voting shares or

financial instruments, the value of which is (in part) determined by the value of Ferrari common shares or special voting

shares.

In addition, persons who are closely associated with members of the Board of Directors or any of the other Insiders

must notify the AFM of all transactions conducted for their own account relating to Ferrari’s shares or financial instruments,

the value of which is (in part) determined by the value of Ferrari’s shares. The Market Abuse Regulation designates the

following categories of persons: (i) the spouse or any partner considered by applicable law as equivalent to the spouse,

(ii) dependent children, (iii) other relatives who have shared the same household for at least one year at the relevant

transaction date, and (iv) any legal person, trust or partnership, among other things, whose managerial responsibilities are

discharged by a member of the Board of Directors or any other Insider or by a person referred to under (i), (ii) or (iii) above.

The AFM must be forthwith notified of transactions effected in either Ferrari’s shares or financial instruments, the

value of which is (in part) determined by the value of Ferrari’s shares, following the transaction date by means of a standard

form. Notifications under the Market Abuse Regulation may however be postponed until the date that the value of the

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transactions carried out on a person’s own account, together with the transactions carried out by the persons associated with

that person, reaches or exceeds the amount of €5,000 in the calendar year in question. The AFM keeps a public register of all

notifications made pursuant to the AFS and the Market Abuse Regulation.

Ferrari is required to make inside information public. Inside information is precise information directly or indirectly

relating to the issuer or the trade in its securities which has not yet been made public and publication of which could

significantly affect the trading price of the securities. Ferrari must also provide the CONSOB with this inside information at

the time of publication. Furthermore, Ferrari must without delay publish the inside information on its website and keep it

available on Ferrari’s website for at least five years.

It is prohibited for any person to make use of inside information by conducting, effecting or attempting to conduct or

effect a transaction in relevant financial instruments. In addition, it is prohibited for any person to pass on inside information

relating to Ferrari or the trade in its securities to a third party or to recommend or induce, on the basis of inside information,

any person to conduct a transaction in securities of Ferrari. Furthermore, it is prohibited for any person to manipulate or

attempt to manipulate the market, for instance by conducting transactions which could lead to an incorrect or misleading

signal of the supply of, the demand for or the price of the securities. The provisions of the Market Abuse Regulation

concerning insider trading and manipulation of the market are self-executing and immediately applicable Italian law.

Moreover, on October 2016 CONSOB started a process for the review (in light of the Market Abuse Regulation) of certain

regulatory provisions contained in the Issuers’ Regulation no. 11971/1999.

Non-compliance with these reporting obligations could lead to criminal penalties, administrative fines and cease-

and-desist orders (and the publication thereof), imprisonment or other sanctions.

Shareholder Disclosure and Reporting Obligations under U.S. Law

Holders of Ferrari shares are subject to certain U.S. reporting requirements under the Securities Exchange Act of

1934 (the “Exchange Act”) for shareholders owning more than 5 percent of any class of equity securities registered pursuant

to Section 12 of the Exchange Act. Among the reporting requirements are disclosure obligations intended to inform the

market of significant accumulations of shares that may lead to a change of control of an issuer.

If Ferrari were to fail to qualify as a foreign private issuer in the future, Section 16(a) of the Exchange Act would

require Ferrari’s Directors and executive officers, and persons who own more than ten percent of a registered class of

Ferrari’s equity securities, to file reports of ownership of, and transactions in, Ferrari’s equity securities with the SEC. Such

Directors, executive officers and ten percent stockholders would also be required to furnish Ferrari with copies of all

Section 16 reports they file.

Disclosure Requirements under Italian law

Summarized below are the most significant requirements to be complied with by Ferrari in connection with the

admission to listing of Ferrari common shares on the Euronext Milan. The breach of the obligations described below may

result in the application of fines and criminal penalties (including, for instance, those provided for insider trading and market

manipulation). Further requirements may be imposed by CONSOB and/or Borsa Italiana as a result of the listing of Ferrari

common shares on the Euronext Milan.

In particular, the following main disclosure obligations provided for by the Legislative Decree no. 58/1998, or the

Italian Financial Act, effective as of the date of this document shall apply to Ferrari, article 92 (equal treatment principle),

article 114 (information to be provided to the public), article 114-bis (information to be provided to the market concerning the

allocation of financial instruments to corporate officers, employees and collaborators), article 115 (information to be

disclosed to CONSOB) and article 180 and the following (relating to insider trading and market manipulation). In addition to

the above, the applicable provisions set forth under the market rules (including those relating to the timing for the payment of

dividends) shall apply to Ferrari.

Disclosure of Inside Information

Pursuant to the Market Abuse Regulation, Ferrari shall disclose to the public, without delay, any inside information

which: (i) is of a precise nature, (ii) has not been made public, (iii) relates, directly or indirectly, to Ferrari or Ferrari’s

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common shares, and (iv) if it were made public, would be likely to have a significant effect on the prices of Ferrari’s common

shares or on the price of related derivative financial instruments (the “Inside Information”).

In this regard, Inside Information shall be deemed to be of a precise nature if: (a) it indicates a set of circumstances

which exists or which may reasonably be expected to come into existence, or an event which has occurred or which may

reasonably be expected to occur and (b) it is specific enough to enable a conclusion to be drawn as to the possible effect of

that set of circumstances or events on the prices of the financial instruments (i.e., Ferrari’s common shares) or the related

derivative financial instruments.

The above disclosure requirement shall be complied with through the publication of a press release by Ferrari, in

accordance with the modalities set forth under the Market Abuse Regulation, Dutch and Italian law, disclosing to the public

the relevant Inside Information. The provisions of the MAR concerning the disclosure of inside information are self-

executing and immediately applicable under Italian law.

Under specific circumstances, CONSOB may at any time request: (a) Ferrari to disclose to the public specific

information or documentation where deemed appropriate or necessary or alternatively (b) to be provided with specific

information or documentation. For this purpose, CONSOB has wide powers to, among other things, carry out inspections or

request information to the members of the managing board, the members of the supervisory board or to the external auditor.

Ferrari shall publish and transmit to CONSOB any information disseminated in any non-EU-countries where

Ferrari’s common shares are listed (i.e., the United States), if this information is significant for the purposes of the evaluation

of Ferrari’s common shares listed on the Euronext Milan.

Insiders’ Register

Pursuant to the Market Abuse Regulation, Ferrari and its subsidiaries, as well as persons acting on their behalf or for

their account, shall draw up, and keep promptly updated, a list of persons who, in the exercise of their employment,

profession or duties, have access to Inside Information. Ferrari shall provide such list to the competent authority at its request.

Public Tender Offers

Certain rules provided for under Italian law with respect to both voluntary and mandatory public tender offers shall

apply to any offer launched for Ferrari’s common shares. In particular, among other things, the provisions concerning the

tender offer price, the content of the offer document and the disclosure of the tender offer will be subject to the supervision

by CONSOB and Italian law.

Election and Removal of Directors

The Ferrari Articles of Association provide that the Board of Directors shall be composed of three or more members.

Directors are appointed by a simple majority of the votes validly cast at a General Meeting. The General Meeting

may at any time suspend or dismiss any Director.

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Disclosures pursuant to Decree Article 10 EU-Directive on Takeovers

In accordance with the Dutch Besluit artikel 10 overnamerichtlijn (the “Decree”), the Company makes the following

disclosures:

a. For information on the capital structure of the Company, the composition of the issued share capital and the

existence of the two classes of shares, please refer to Note 13 to the Company Financial Statements in this Annual

Report. For information on the rights attached to the common shares, please refer to the Company’s Articles of

Association. To summarize, the rights attached to common shares comprise pre-emptive rights upon issuance of

common shares, the entitlement to attend to the general meeting of Shareholders and to speak and vote at that

meeting and the entitlement to distributions of such amount of the Company’s profit as remains after allocation to

reserves. For information on the rights attached to the special voting shares, please refer to the Articles of

Association and the Terms and Conditions for the Special Voting Shares which can both be found on the Company’s

website and more in particular to the paragraph “Loyalty Voting Program” of this Annual Report. At December 31,

2024, the issued share capital of the Company consisted of 193,923,499 common shares, representing approximately

75.38 percent of the aggregate issued share capital, and 63,349,112 special voting shares, representing

approximately 24.62 percent of the aggregate issued share capital.

b. The Company has imposed no limitations on the transfer of common shares. The Articles of Association provide in

Article 13 for transfer restrictions for special voting shares.

c. For information on participations in the Company’s capital in respect of which pursuant to Sections 5:34, 5:35 and

5:43 of the Dutch Financial Supervision Act (Wet op het financieel toezicht) notification requirements apply, please

refer to the chapter “Major Shareholders” of this Annual Report. There you will find a list of Shareholders who are

known to the Company to have holdings of 3 percent or more at the stated date.

d. No special control rights or other rights accrue to shares in the capital of the Company.

e. A mechanism for verifying compliance with a scheme allowing employees to subscribe for or to acquire shares in

the capital of the company or a subsidiary if the employees do not arrange for such verification directly is not

applicable to the Company.

f. No restrictions apply to voting rights attached to shares in the capital of the Company, nor are there any deadlines

for exercising voting rights. The Articles of Association allow the Company to cooperate in the issuance of

registered depositary receipts for common shares, but only pursuant to a resolution to that effect of the Board of

Directors. The Company is not aware of any depository receipts having been issued for shares in its capital.

g. The Company is not aware of the existence of any agreements with Shareholders which may result in restrictions on

the transfer of shares or limitation of voting rights except for the shareholders’ agreement, dated December 23, 2015

between Exor (formerly Exor S.p.A.) and Piero Ferrari, recently amended to reflect adherence by Trust Piero

Ferrari, which became effective upon the completion of the Separation on January 3, 2016 (the “Shareholders’

Agreement”). The Shareholders’ Agreement includes certain preemption rights of Exor in the event of a proposed

transfer of common shares by Piero Ferrari, and certain rights of first offer of Piero Ferrari in the event of a proposed

transfer of common shares by Exor, in each case subject to the exceptions set forth in the Shareholders’ Agreement.

The Shareholders’ Agreement will remain in force until the fifth anniversary of the Separation provided that if

neither of the parties to the Shareholders’ Agreement terminates the Shareholders’ Agreement within six months

before the end of the initial term, then the Shareholders’ Agreement shall be renewed automatically for another five

year term. Since neither of the parties to the Shareholders’ Agreement terminated it within six months before

January 3, 2021, the Shareholders’ Agreement was automatically renewed for another five year term and, therefore,

until January 3, 2026. On December 16, 2022, Exor N.V., Mr. Piero Ferrari and Trust Piero Ferrari entered into an

adherence and amendment agreement whereby Trust Piero Ferrari became a party to the Shareholders’ Agreement

and certain terms of the Shareholders’ Agreement were amended. The Shareholders’ Agreement, as so amended, is

governed by the laws of the Netherlands and it mainly concerns the “acting in concert” and certain pre-emption

rights and rights of first offer with respect to the shares of the Company.

h. The rules governing the appointment and dismissal of members of the Board of Directors are stated in the Articles of

Association of the Company. All members of the Board of Directors are appointed by the general meeting of

Shareholders. The term of office of all members of the Board of Directors is for a period of approximately one year

after appointment, such period expiring on the day the first Annual General Meeting of Shareholders is held in the

following calendar year. The general meeting of Shareholders has the power to suspend or dismiss any member of

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the Board of Directors at any time. The rules governing an amendment of the Articles of Association are stated in

the Articles of Association and require a resolution of the general meeting of Shareholders which can only be passed

pursuant to a prior proposal of the Board of Directors.

i. The general powers of the Board of Directors are stated in the Articles of Association of the Company. Pursuant to

the resolution of the Annual General Meeting held on April 17, 2024, the Board of Directors has been authorized to

issue common shares in the capital of the Company and to grant rights to subscribe for common shares in the capital

of the Company. This authorization is limited in respect of common shares to 10 percent of the issued common

shares for general corporate purposes as of the date of the 2024 Annual General Meeting (i.e. April 17, 2024), which

can be used for any and all purposes necessary in the opinion of the Board of Directors. The authorization has been

granted for a period of 18 months starting from the date of the 2024 Annual General Meeting of Shareholders on

April 17, 2024 up to and including October 16, 2025. The Board of Directors has also been designated for the same

period as the authorized body to limit or exclude the rights of pre-emption of shareholders in connection with the

authority of the Board of Directors to issue common shares and grant rights to subscribe for common shares as

referred to above. Pursuant to the resolution of the Annual General Meeting held on April 13, 2022, the Board of

Directors has been further authorized to issue special voting shares in the capital of the Company and to grant rights

to subscribe for special voting shares in the capital of the Company. This authorization is limited in respect of

special voting shares to 10 percent of the maximum aggregate amount of special voting shares as provided for in the

Company’s authorized share capital. The authorization has been granted for a period of 5 years starting from the

date of the 2022 Annual General Meeting of Shareholders on April 13, 2022 up to and including April 12, 2027. In

the event of an issuance of special voting shares, shareholders have no right of pre-emption. The Company has the

authority to acquire fully paid-up shares in its own share capital, provided that such acquisition is made for no

consideration. Further rules governing the acquisition of shares by the Company in its own share capital are set out

in article 8 of the Articles of Association.

j. The Company is not a party to any significant agreements which will take effect, will be altered or will be

terminated upon a change of control of the Company as a result of a public offer within the meaning of Section 5:70

of the Dutch Financial Supervision Act (Wet op het financieel toezicht), provided that certain of the loan agreements

entered into by the Company contain clauses that, as is customary for financing agreements of similar type, may

require early repayment or termination in the event of a change of control of the Company.

k. The Company did not enter into any agreement with a Director or employee of the Company providing for a

payment / distribution upon termination of employment as a result of a public offer within the meaning of article

5:70 of the Dutch Financial Supervision Act.

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General Meeting of Shareholders

At least one general meeting of shareholders shall be held every year, which meeting shall be held within six months

after the close of the financial year.

Furthermore, general meetings of shareholders shall be held in the case referred to in Section 2:108a of the Dutch

Civil Code as often as the Board of Directors, the Chairman or the Chief Executive Officer deems it necessary to hold them

or as otherwise required by Dutch law, without prejudice to what has been provided in the next paragraph hereof.

Shareholders solely or jointly representing at least ten percent (10 percent) of the issued share capital may request

the Board of Directors, in writing, to call a general meeting of shareholders, stating the matters to be dealt with.

If the Board of Directors fails to call a meeting, then such shareholders may, on their application, be authorized by

the interim provisions judge of the court (voorzieningenrechter van de rechtbank) to convene a general meeting of

shareholders. The interim provisions judge (voorzieningenrechter van de rechtbank) shall reject the application if he is not

satisfied that the applicants have previously requested the Board of Directors in writing, stating the exact subjects to be

discussed, to convene a general meeting of shareholders.

General meetings of shareholders shall be held in Amsterdam or Haarlemmermeer (Schiphol Airport), the

Netherlands, and shall be called by the Board of Directors, the Chairman or the Chief Executive Officer, in such manner as is

required to comply with the law and the applicable stock exchange regulations, not later than on the forty-second day prior to

the day of the meeting.

All convocations of general meetings of shareholders and all announcements, notifications and communications to

shareholders shall be made by means of an announcement on the Company’s corporate website and such announcement shall

remain accessible until the relevant general meeting of shareholders. Any communication to be addressed to the general

meeting of shareholders by virtue of Dutch law or the Articles of Association, may be either included in the notice, referred

to in the preceding sentence or, to the extent provided for in such notice, on the Company’s corporate website and/or in a

document made available for inspection at the office of the Company and such other place(s) as the Board of Directors shall

determine.

Convocations of general meetings of shareholders may be sent to Shareholders through the use of an electronic

means of communication to the address provided by such Shareholders to the Company for this purpose.

The notice shall state the place, date and hour of the meeting and the agenda of the meeting as well as the other data

required by law.

An item proposed in writing by such number of Shareholders who, by Dutch law, are entitled to make such proposal,

shall be included in the notice or shall be announced in a manner similar to the announcement of the notice, provided that the

Company has received the relevant request, including the reasons for putting the relevant item on the agenda, no later than the

sixtieth day before the day of the meeting.

Pursuant to Dutch law, the board of a listed company has the power to invoke a cooling-off period of up to 250 days

in the event of (i) a request by one or more shareholders for consideration of a proposal to appoint, suspend or dismiss one or

more members of the board, or (ii) when an unsolicited public bid has been announced or made for the shares of the listed

company. The decision by the board to invoke the cooling-off period is subject to supervisory board approval. To invoke the

cooling-off period, the request under i) or the public bid under ii) must in the view of the board be substantially contrary to

the interest of the listed company and its affiliated enterprises.

The agenda of the annual general meeting of shareholders shall contain, inter alia, the following items:

a. adoption of the annual report;

b. the remuneration report;

c. at least every four years after adoption of the remuneration policy, the remuneration policy;

d. the policy of the Company on additions to reserves and on dividends, if any;

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e. granting of discharge to the Directors in respect of the performance of their duties in the relevant financial year;

f. the appointment of Directors;

g. if applicable, the proposal to pay a dividend;

h. if applicable, discussion of any substantial change in the corporate governance structure of the Company; and

i. any matters decided upon by the person(s) convening the meeting and any matters placed on the agenda with due

observance of applicable Dutch law.

The Board of Directors shall provide the general meeting of shareholders with all requested information, unless this

would be contrary to an overriding interest of the Company. If the Board of Directors invokes an overriding interest, it must

give reasons.

When convening a general meeting of shareholders, the Board of Directors shall determine that, for the purpose of

Article 19 and Article 20 of the Articles of Association, persons with the right to vote or attend meetings shall be considered

those persons who have these rights at the twenty-eighth day prior to the day of the meeting (the “Record Date”) and are

registered as such in a register to be designated by the Board of Directors for such purpose, irrespective whether they will

have these rights at the date of the meeting. In addition to the Record Date, the notice of the meeting shall further state the

manner in which shareholders and other parties with meeting rights may have themselves registered and the manner in which

those rights can be exercised.

The general meeting of shareholders shall be presided over by the Chairman or, in his absence, by the person chosen

by the Board of Directors to act as chairman for such meeting.

One of the persons present designated for that purpose by the chairman of the meeting shall act as secretary and take

minutes of the business transacted. The minutes shall be confirmed by the chairman of the meeting and the secretary and

signed by them in witness thereof.

The minutes of the general meeting of shareholders shall be made available, on request, to the shareholders no later

than three months after the end of the meeting, after which the shareholders shall have the opportunity to react to the minutes

in the following three months. The minutes shall then be adopted in the manner as described in the preceding paragraph.

If an official notarial record is made of the business transacted at the meeting then minutes need not be drawn up and

it shall suffice that the official notarial record be signed by the notary.

As a prerequisite to attending the meeting and, to the extent applicable, exercising voting rights, the shareholders

entitled to attend the meeting shall be obliged to inform the Board of Directors in writing within the time frame mentioned in

the convening notice. At the latest this notice must be received by the Board of Directors on the day mentioned in the

convening notice.

Shareholders and those permitted by Dutch law to attend the general meetings of shareholders may cause themselves

to be represented at any meeting by a proxy duly authorized in writing, provided they shall notify the Company in writing of

their wish to be represented at such time and place as shall be stated in the notice of the meetings. For the avoidance of doubt,

such attorney is also authorized in writing if the proxy is documented electronically. The Board of Directors may determine

further rules concerning the deposit of the powers of attorney; these shall be mentioned in the notice of the meeting.

The Company is exempt from the proxy rules under the Exchange Act.

The chairman of the meeting shall decide on the admittance to the meeting of persons other than those who are

entitled to attend.

For each general meeting of shareholders, the Board of Directors may decide that shareholders shall be entitled to

attend, address and exercise voting rights at such meeting through the use of electronic means of communication, provided

that shareholders who participate in the meeting are capable of being identified through the electronic means of

communication and have direct cognizance of the discussions at the meeting and the exercising of voting rights (if

applicable). The Board of Directors may set requirements for the use of electronic means of communication and state these in

the convening notice. Furthermore, the Board of Directors may for each general meeting of shareholders decide that votes

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cast by the use of electronic means of communication prior to the meeting and received by the Board of Directors shall be

considered to be votes cast at the meeting. Such votes may not be cast prior to the Record Date. Whether the provision of the

foregoing sentence applies and the procedure for exercising the rights referred to in that sentence shall be stated in the notice.

Prior to being allowed admittance to a meeting, a shareholder and each person entitled to attend the meeting, or its

attorney, shall sign an attendance list, while stating his name and, to the extent applicable, the number of votes to which he is

entitled. Each shareholder and other person attending a meeting by the use of electronic means of communication and

identified in accordance with the above shall be registered on the attendance list by the Board of Directors. In the event that it

concerns an attorney of a shareholder or another person entitled to attend the meeting, the name(s) of the person(s) on whose

behalf the attorney is acting, shall also be stated. The chairman of the meeting may decide that the attendance list must also

be signed by other persons present at the meeting.

The chairman of the meeting may determine the time for which shareholders and others entitled to attend the general

meeting of shareholders may speak if he considers this desirable with a view to the orderly conduct of the meeting as well as

other procedures that the chairman considers desirable for the efficient and orderly conduct of the business of the meeting.

Ferrari applies the one-share-one-vote principle, meaning that every share (whether common or special voting) shall

confer the right to cast one vote.

Shares in respect of which Dutch law determines that no votes may be cast shall be disregarded for the purposes of

determining the proportion of shareholders voting, present or represented or the proportion of the share capital present or

represented.

All resolutions shall be passed with an absolute majority of the votes validly cast unless otherwise specified in the

Articles of Association. Blank votes shall not be counted as votes cast.

All votes shall be cast in writing or electronically. The chairman of the meeting may, however, determine that voting

by raising hands or in another manner shall be permitted.

Voting by acclamation shall be permitted if none of the shareholders present or represented objects.

No voting rights shall be exercised in the general meeting of shareholders for shares owned by the Company or by a

subsidiary of the Company. Pledgees and usufructuaries of shares owned by the Company and its subsidiaries shall however

not be excluded from exercising their voting rights, if the right of pledge or usufruct was created before the shares were

owned by the Company or a subsidiary. Neither the Company nor any of its subsidiaries may exercise voting rights for shares

in respect of which it holds a right of pledge or usufruct.

Without prejudice to the Articles of Association, the Company shall determine for each resolution passed:

a. the number of shares on which valid votes have been cast;

b. the percentage that the number of shares as referred to under a. represents in the issued share capital;

c. the aggregate number of votes validly cast; and

d. the aggregate number of votes cast in favor of and against a resolution, as well as the number of abstentions.

Issuance of shares

The general meeting of shareholders or alternatively the Board of Directors, if it has been designated to do so by the

general meeting of shareholders, shall have authority to resolve on any issuance of shares and rights to subscribe for shares.

The general meeting of shareholders shall, for as long as any such designation of the Board of Directors for this purpose is in

force, no longer have authority to decide on the issuance of shares and rights to subscribe for shares.

For a period of five years from January 2, 2016 the Board of Directors has been irrevocably authorized to issue

shares and rights to subscribe for shares up to the maximum aggregate amount of shares as provided for in the company’s

authorized share capital as set out in Article 4.1 and 6.1 of the Articles of Association, as amended from time to time.

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The general meeting of shareholders or the Board of Directors if so designated in accordance with the Articles of

Association, shall decide on the price and the further terms and conditions of issuance, with due observance of what has been

provided in relation thereto in Dutch law and the Articles of Association.

If the Board of Directors is designated to have authority to decide on the issuance of shares or rights to subscribe for

shares, such designation shall specify the class of shares and the maximum number of shares or rights to subscribe for shares

that can be issued under such designation. When making such designation the duration thereof, which shall not be for more

than five years, shall be resolved upon at the same time. The designation may be extended from time to time for periods not

exceeding five years. The designation may not be withdrawn unless otherwise provided in the resolution in which the

designation is made.

Pursuant to the resolution of the Annual General Meeting held on April 17, 2024, the Board of Directors has been

authorized to issue common shares in the capital of the Company and to grant rights to subscribe for common shares in the

capital of the Company. This authorization is limited in respect of common shares to 10 percent of the issued common shares

for general corporate purposes as of the date of the 2024 Annual General Meeting (i.e. April 17, 2024), which can be used for

any and all purposes necessary in the opinion of the Board of Directors. The authorization has been granted for a period of 18

months starting from the date of the 2024 Annual General Meeting of Shareholders on April 17, 2024 up to and including

October 16, 2025. The Board of Directors has also been designated for the same period as the authorized body to limit or

exclude the rights of pre-emption of shareholders in connection with the authority of the Board of Directors to issue common

shares and grant rights to subscribe for common shares as referred to above. Pursuant to the resolution of the Annual General

Meeting held on April 13, 2022, the Board of Directors has been further authorized to issue special voting shares in the

capital of the Company and to grant rights to subscribe for special voting shares in the capital of the Company. This

authorization is limited in respect of special voting shares to 10 percent of the maximum aggregate amount of special voting

shares as provided for in the Company’s authorized share capital. The authorization has been granted for a period of 5 years

starting from the date of the 2022 Annual General Meeting of Shareholders on April 13, 2022 up to and including April 12,

2027.

Payment for shares shall be made in cash unless another form of consideration has been agreed. Payment in a

currency other than Euro may only be made with the consent of the Company.

The Board of Directors has also been designated as the authorized body to limit or exclude the rights of pre-emption

of shareholders in connection with the authority of the Board of Directors to issue common shares and grant rights to

subscribe for common shares as referred to above.

In the event of an issuance of common shares every holder of common shares shall have a right of pre-emption with

regard to the common shares or rights to subscribe for common shares to be issued in proportion to the aggregate nominal

value of his common shares, provided however that no such right of pre-emption shall exist in respect of shares or rights to

subscribe for common shares to be issued to employees of the Company or of a group company pursuant to any option plan

of the Company.

A shareholder shall have no right of pre-emption for shares that are issued against a non-cash contribution.

In the event of an issuance of special voting shares to qualifying shareholders, shareholders shall not have any right

of pre-emption.

The general meeting of shareholders or the Board of Directors, as the case may be, shall decide when passing the

resolution to issue shares or rights to subscribe for shares in which manner the shares shall be issued and, to the extent that

rights of pre-emption apply, within what period those rights may be exercised.

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Ferrari Leadership Team

On certain key operational matters, the CEO is supported by the FLT, which is responsible for reviewing the

operating performance of the business, collaborating on certain operational matters, supporting the Chief Executive Officer

with his tasks, and executing decisions of the Board of Directors and the day-to-day management of the Company, primarily

as it relates to the operational management. Set forth below are the names, year of birth and position of each of the members

of the FLT of Ferrari. Unless otherwise indicated, the business address of each person listed below will be c/o Ferrari, Via

Abetone Inferiore n. 4, I-41053 Maranello (MO), Italy.


Name	Year of Birth	Position
John Elkann	1976	Executive Chairman and Executive Director
Benedetto Vigna	1969	Chief Executive Officer
Antonio Picca Piccon	1964	Chief Financial Officer
Davide Abate	1984	Chief Technologies and Infrastructures Officer
Andrea Antichi	1979	Chief Manufacturing Officer
Michele Antoniazzi	1969	Chief Human Resources Officer
Carlo Daneo	1968	General Counsel
Alfonso Fuggetta	1958	Chief Digital Transformation Officer
Gianmaria Fulgenzi	1969	Chief Product Development Officer
Enrico Galliera	1966	Chief Marketing and Commercial Officer
Lorenzo Giorgetti	1970	Chief Racing Revenue Officer
Ernesto Lasalandra	1972	Chief Research & Development Officer
Maria Carla Liuni	1968	Chief Brand Officer
Marco Lovati	1972	Chief Internal Audit, Risk and Compliance Officer
Flavio Manzoni	1965	Chief Design Officer
Francesca Montini	1979	Chief Communications Officer
Angelo Pesci	1974	Chief Purchasing & Quality Officer
Frédéric Vasseur	1968	Scuderia Ferrari Team Principal & General Manager

All FLT members are executive officers.

Summary biographies for the current members of the FLT are included below:

John Elkann. See the “—Board of Directors” section above.

Benedetto Vigna. See the “—Board of Directors” section above.

Antonio Picca Piccon. Mr. Antonio Picca Piccon is Chief Financial Officer since July 2018. Before joining Ferrari,

he held the position of CFO in Ariston Thermo Group, including responsibilities for Legal and Corporate Affairs and ICT,

since November 2014. Prior to such assignment he spent 15 years within Fiat Group and FCA, where he covered several

senior roles in finance and financial services, including CFO of Iveco Group, CEO of FGA Capital (then FCA Bank and now

CA Auto Bank) and Group Treasurer and Head of Financial Services for FCA. He started his career in banking, in various

positions within Sanpaolo IMI group. He also served as a member of the Board of Directors of Ferrari, Fiat Group

Automobiles, Magneti Marelli, Maserati and Teksid. Mr. Picca Piccon graduated in Economics and Business Administration

from the University of Turin and holds an MPhil in Economics from the University of Cambridge.

Davide Abate. Mr. Davide Abate is Chief Technologies and Infrastructures Officer since January 2022. Previously

he held the position of Head of Technologies at Ferrari since October 2020, and various managerial roles in the

manufacturing area such as Head of Prototype Construction from 2017 to 2020. Prior to joining Ferrari in 2012, he covered

technical managerial roles at Ducati Motor Holding. Mr. Abate holds the Ferrari Corporate Executive MBA from the

Bologna Business School and a master in Process Engineering at Bocconi School of Management, as well as a masters’

degree in Automotive Engineering from the Turin Polytechnic.

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Andrea Antichi. Mr. Andrea Antichi was appointed Chief Manufacturing Officer in January 2022. Previously he

was Head of Vehicle at Ferrari since June 2018. During his career he covered various managerial roles at Ferrari in the

manufacturing area such as Head of Engine Assembly and Machining from 2014 to 2018 and Engine Assembly and

Machining Process Engineering Manager from 2008 to 2013. Prior to joining Ferrari in 2006, he held technical roles in

Piaggio and researcher in Computational Biomechanics at Istituti Ortopedici Rizzoli. Mr. Antichi holds the Ferrari Corporate

Executive MBA from the Bologna Business School, as well as a masters’ degree in Mechanical Engineering from the

University of Pisa.

Michele Antoniazzi. Mr. Michele Antoniazzi is Chief Human Resources Officer since April 2016. Before joining

Ferrari, he held several senior roles in Magneti Marelli, becoming the Human Resources Director of the Automotive Lighting

business line in 2012. Prior to that experience he was the Human Resources Director of the Suspension Systems business line

from 2009 to 2012 and the Head of Organizational Development for the Sector Magneti Marelli from 2006 to 2012. He

graduated from the University of Padova with a degree in Industrial and Organizational Psychology.

Carlo Daneo. Mr. Carlo Daneo was appointed as our General Counsel in July 2015, as a member of the Board of

Directors of Ferrari North America Inc. in February 2017, as a member of the Supervisory Body of Ferrari S.p.A. in August

2015 and Data Protection Officer of the Ferrari Group in February 2018. Prior to joining Ferrari, he held several senior

positions in the FCA legal area, including the role of Senior Vice President and Legal Counsel in Finance and Financial

Services of FCA from 2008 until 2015 and the role of General Counsel in Fiat Chrysler Finance S.p.A. (previously Fiat

Finance S.p.A.) from 2003 to 2015. He started his career in 1995 with a work experience at the United Nations at the

International Trade Center Unctad / WTO in Geneva and since 1996 in the legal profession in law firms with experience in

the Corporate, Finance and Capital Markets areas in primary international law firms in Italy and abroad until 2003. He

graduated in Law at the University of Turin, did a master’s degree organized by the University Institute of European Studies

in international law at the International Labour Organization of Turin and obtained the title of Lawyer.

Alfonso Fuggetta. Mr. Alfonso Fuggetta was appointed Chief Digital Transformation Officer of Ferrari in

November 2024. After an initial role in the world of consultancy, Fuggetta joined Cefriel as a researcher in 1988, where he

took on increasingly senior positions until becoming CEO and scientific director from 2003 to 2024. Cefriel is a digital

innovation centre comprising around 150 professionals in addition to the Politecnico di Milano, three other universities, 17

multinational companies and the Lombardy Region. In 1992 he was appointed associate professor at the Politecnico di

Milano, where in 2000 he assumed the role of full professor of computer science. Fuggetta has also been visiting professor at

NTNU (Trondheim, Norway), University of Colorado, Boulder (USA) and the Institute for Software Research, University of

California, Irvine (USA). He was program co-chair of the International Conference on Software Engineering (ICSE 1997,

Boston) and a member of the editorial board of ACM TOSEM, one of the most important scientific journals in the sector. In

2023, he was included in the top 2% of researchers in the world ranking drawn up by Stanford University and Elsevier.

Fuggetta completed a degree in electronic engineering at the Politecnico di Milano in 1982.

Gianmaria Fulgenzi. Mr. Gianmaria Fulgenzi is Chief Product Development Officer since January 2022.

Previously he was Head of GeS Supply Chain of Ferrari since March 2019. He also worked in the product development and

manufacturing area, as Head of Rear Engine Car Platform from 2015 to 2019 and Head of Powertrain Production from 2008

to 2010. Prior to joining Ferrari in 2002, he covered technical managerial roles at PiaggioAero Industries. Mr. Fulgenzi holds

a master in Management from the London Business School, as well as a masters’ degree in Aerospace Engineering from the

Turin Polytechnic.

Enrico Galliera. Mr. Enrico Galliera was appointed as our Chief Marketing and Commercial Officer in April 2010.

From 1990 to 2010 he worked for Barilla S.p.A, where he held multiple positions, ultimately becoming Europe and export

market unit director. During his time at Barilla S.p.A., Mr. Galliera also served as director of customer business development

for Europe, general manager for South West Europe and trade marketing director for Italy. Mr. Galliera holds a degree in

economics and political science from the University of Parma.

Lorenzo Giorgetti. Mr. Lorenzo Giorgetti was appointed Chief Racing Revenue Officer in February 2023. His

career has seen him gain extensive experience in growing businesses across sports clubs, the media and the world of luxury.

Prior to joining Ferrari, he was Chief Commercial Officer at AC Milan; he has also been Head of Licensing for major

sporting events, such as the Turin 2006 Winter Olympic Games and Milan Cortina 2026. From 2007 to 2017, he led the

commercial management of RCS Media Group’s sports division, where he was also CEO of the UAE sport branch and is

currently a member of the board of the Global Esports Federation. He graduated in engineering from the Politecnico di

Milano and has an MBA from SDA Bocconi.

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Ernesto Lasalandra. Mr. Ernesto Lasalandra is Chief Research & Development Officer since January 2022. He

joined Ferrari from his previous role as Group VP R&D General Manager in STMicroelectronics, where over the past

decades he covered roles of increasing responsibilities in Product Development and R&D. Mr. Lasalandra holds a degree in

Electronic Engineering from University of Pavia.

Maria Carla Liuni. Ms. Maria Carla Liuni joined Ferrari as Chief Brand Officer in September 2022. Previously,

she was Chief Marketing Officer at Pandora, where she played a key part in relaunching the company and boosting its

desirability. She has also led Bulgari’s marketing division and global communications. In addition, she spent almost 20 years

at Procter & Gamble, where she was General Manager of the Prestige division which includes perfume, makeup and skincare

for brands such as Dolce & Gabbana, Gucci and Hugo Boss. This encompassed multiple roles including Regional Leader for

the Asia-Pacific region and leading on marketing, communication and product development for the entire portfolio, working

closely with the fashion houses. She graduated in economics at Rome’s Luiss University and has a master’s degree in

marketing from the IPSOA business school in Milan.

Marco Lovati. Mr. Marco Lovati is Chief Internal Audit, Risk and Compliance Officer since December 2023, Chief

Internal Audit Officer since April 2015 and a member of the Supervisory Body of Ferrari S.p.A. since July 2014. Prior to

such assignment he spent 14 years in the Internal Audit and Compliance department of Fiat Group and FCA, where he

covered several senior positions including the role of “Financial & Insurance Companies, Luxury Cars” and “Automotive

Europe & Financial JV Companies” Head of Audit, also serving as member of the Supervisory Body of different Fiat Group

and FCA legal entities. Mr. Marco Lovati graduated in Economics and Business Administration from the University of Turin

and holds an MBA in Finance jointly organized by the University of Turin and the Italian Association of Finance Directors

(ANDAF).

Flavio Manzoni. Mr. Flavio Manzoni was appointed as our Chief Design Officer in January 2010. From 2007 to

2010 he was Director of Creative Design at the Volkswagen Group where he was involved in designing most of the Skoda,

Bentley, Bugatti and Volkswagen recent cars as well as redefining the aesthetic philosophy of these brands. From 2001 to

2006, he worked at Fiat Group as Head of Design for Lancia, Fiat and LCV. He has also held design positions at Lancia and

Seat. Mr. Manzoni holds a degree in architecture with a thesis in industrial design from the University of Florence. On June

28, 2019, at the University of Sassari, he was awarded an honorary master’s degree in “Humanities, Modern Philology and

Cultural Industry”.

Francesca Montini. Ms. Francesca Montini is Chief Communications Officer since April 2023. She joined Ferrari

in January 2018 as Head of Brand and Corporate Communications. Over her career, Ms. Montini has built a strong

international profile in corporate and brand communications working across multiple markets (Europe, the Middle East and

the U.S.A.) and a variety of powerful global brands, including Nike, Nokia, Ford, Jeep and Ferrari. Ms. Montini holds a

Masters degree in Corporate Communications from University of Rome, La Sapienza and the Ferrari Corporate Executive

MBA from the Bologna Business School.

Angelo Pesci. Mr. Angelo Pesci is Chief Purchasing & Quality Officer since January 2022. Angelo Pesci joined

Ferrari from STMicroelectronics, where over the past decades he covered roles of increasing responsibilities in Financial

Planning, Supply Chain and Product Planning, Services and Operations. Mr. Pesci holds a Master in Business Administration

from SDA Bocconi, as well as a masters’ degree in Physics from University of Trieste.

Frédéric Vasseur. Mr. Frédéric Vasseur was born in Draveil, France on May 28, 1968. In 1995, he graduated in

Aeronautical Engineering at ESTACA (École Supérieure des Techniques Aéronautiques et de Construction Automobile) in

Paris. In 1992, while still studying, he established RPM, preparing Formula 3 engines for Renault. In 1996, he set up the

ASM team, racing in Formula 3. He ran the operation up to 2015, winning various titles including the French one in 1998

with David Saelens at the wheel, going on to win the European title four times between 2004 and 2007, with Jamie Green,

Lewis Hamilton, Paul Di Resta and Romain Grosjean. In 2004, he created a second team, ART Grand Prix, winning eighth

teams’ championships across GP2 and GP3 and eleven drivers’ titles including clinching the 2016 GP3 crown with Charles

Leclerc. An enquiring mind and a willingness to explore new avenues led Vasseur to set up AOTech in 2010, a company

specialising in driving simulators and CFD design. Two years later, along came Spark Racing Technology, dealing in the

design and manufacture of hybrid and electrical systems. The company secured the contract to supply Formula E chassis,

when the category for fully electric single-seaters was first set up by the FIA (Federation Internationale Automobile) in 2014.

Frédéric first appeared in the Formula 1 paddock in 2016 as Renault Team Principal. The following year, he moved on to

become Managing Director of the Sauber Group, as well as Team Principal of the Alfa Romeo Sauber F1 Team, which

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morphed into Alfa Romeo Racing in 2019, running Ferrari power units. After the 2022 season, he was asked to take on the

role of Scuderia Ferrari Team Principal & General Manager, starting in his new position on January 9, 2023.

Corporate offices

The Company is incorporated under the laws of the Netherlands. It has its official seat in Amsterdam, the

Netherlands, and the place of effective management of the Company is Via Abetone Inferiore n. 4 I-41053 Maranello (MO)

Italy.

The business address of the Board of Directors and the senior managers is Via Abetone Inferiore n. 4 I-41053

Maranello (MO) Italy.

The Company is registered at the Dutch trade register under number 64060977.

The Netherlands is the Company’s home member state for the purposes of the EU Transparency Directive (Directive

2004/109/EC, as amended).

Internal Control System

The Company has in place an internal control system (the “System”), based on the model provided by the COSO

Framework (Committee of Sponsoring Organizations of the Treadway Commission Report – Enterprise Risk Management

model) and the principles of the Dutch Corporate Governance Code, which consists of a set of policies, procedures and

organizational structures aimed at identifying, measuring, managing and monitoring the principal risks to which the Company

is exposed. The System is integrated within the organizational and corporate governance framework adopted by the Company

and contributes to the protection of corporate assets, as well as to ensuring the efficiency and effectiveness of business

processes, reliability of financial information and compliance with laws, regulations, the Articles of Association and internal

procedures.

The System, which has been developed on the basis of international best practices, relies on the so called “Three

Levels of Controls Model” as referred to and outlined in the “Risk Management Process and Internal Control Systems”

section of this Report.

Principal Characteristics of the Internal Control System and Internal Control over Financial Reporting

The Company has in place a system of risk management and internal control over financial reporting based on the

model provided by the COSO Framework, according to which the internal control system is defined as a set of rules,

procedures and tools designed to provide reasonable assurance of the achievement of corporate objectives.

In relation to the financial reporting process, reliability, accuracy, completeness and timeliness of the information

contribute to the achievement of such corporate objectives. Risk management is an integral part of the internal control

system. A periodic evaluation of the system of internal control over financial reporting is designed to ensure the overall

effectiveness of the components of the COSO Framework (control environment, risk assessment, control activities,

information and communication, and monitoring) in achieving those objectives.

The Company has a system of administrative and accounting procedures in place that ensure a high degree of

reliability in the system of internal control over financial reporting.

The approach adopted by the Company for the evaluation, monitoring and continuous updating of the system of

internal control over financial reporting, is based on a “top-down, risk-based” process consistent with the COSO Framework.

This enables focus on areas of higher risk and/or materiality, where there is risk of significant errors, including those

attributable to fraud, in the elements of the financial statements and related documents. The key components of the process

are:

• identification and evaluation of the source and probability of material errors in elements of financial reporting;

• assessment of the adequacy of key controls in enabling ex-ante or ex-post identification of potential misstatements in

elements of financial reporting; and

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• verification of the operating effectiveness of controls based on the assessment of the risk of misstatement in

financial reporting, with testing focused on areas of higher risk.

Identification and evaluation of the risk of misstatements which could have material effects on financial reporting is

carried out through a risk assessment process that uses a top-down approach to identify the organizational entities, processes

and the related accounts, in addition to specific activities, which could potentially generate significant errors. Under the

methodology adopted by the Company, risks and related controls are associated with the accounting and business processes

upon which accounting information is based.

Significant risks identified through the assessment process require definition and evaluation of key controls that

address those risks, thereby mitigating the possibility that financial reporting will contain any material misstatements.

In accordance with international best practices, the Group has two principal types of control in place:

• controls that operate at Group or subsidiary level, such as delegation of authorities and responsibilities, separation of

duties, and assignment of access rights to information technology systems; and

• controls that operate at process level, such as authorizations, reconciliations, verification of consistencies, etc. This

category includes controls for operating processes, controls for financial closing processes and cross-sector controls

carried out by captive service providers. These controls can be preventive (i.e., designed to prevent errors or fraud

that could result in misstatements in financial reporting) or detective (i.e., designed to reveal errors or fraud that

have already occurred). They may also be classified as manual or automatic, such as application-based controls

relating to the technical characteristics and configuration of information technology systems supporting business

activities.

An assessment of the design and operating effectiveness of key controls is carried out through tests performed by the

Internal Audit department, both at group and subsidiary level, using sampling techniques recognized as best practices

internationally.

The assessment of the controls may require the definition of compensating controls and plans for remediation and

improvement. The results of monitoring are subject to periodic review by the manager responsible for the Company’s

financial reporting and communicated by him to senior management and to the Audit Committee (which in turn reports to the

Board of Directors).

Our risk management and internal control system includes a department tasked with coordinating the system as a

whole: the Internal Audit, Risk and Compliance Department, which reports directly to the CEO and works to ensure, in an

integrated manner, that business operations are conducted with transparency, in the interests of shareholders and all

stakeholders.

For additional information relating to the Internal Audit, Risk and Compliance Department see the “Risk

Management Process and Internal Control System—Ferrari’s Organization of the Internal Control and Risk Management

System”.

The Internal Control Committee meets at least on a quarterly basis and is composed of the CFO (Chairman), the

General Counsel, the Chief Digital Transformation Officer (formerly: Chief Digital & Data Officer) the Chief Internal Audit,

Risk and Compliance Officer, the Chief Human Resources Officer, the Chief Accounting Officer, Investor Relations and

Sustainability, Group SOX, Enterprise Risk Management, Compliance, Tax Risk Manager and Enterprise Cybersecurity.

Code of Conduct and Company Policies

Code of Conduct

We have adopted, at a group level, a Code of Conduct which applies to all of our employees, including our principal

executive, principal financial and principal accounting officers. It also applies to the Company’s subsidiaries and other

individuals or companies that act in the name and on behalf of the Company. Our Code of Conduct is available on our

website at https://cdn.ferrari.com/cms/network/media/pdf/codice_condotta_ferrari_eng_def.pdf.

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Ferrari’s Code of Conduct was updated in February 2023, also strengthening the reference to ESG aspects, with the

approval by the Board of Directors of Ferrari N.V.

Should any further amendments, or should any waiver be granted under, the Code of Conduct, this will be disclosed

in accordance with the applicable rules and regulations.

The Code of Conduct represents a set of values recognized, adhered to and promoted by the Company which

understands that conduct based on the principles of diligence, integrity and fairness is an important driver of social and

economic development.

The Code of Conduct is a pillar of the governance system, which regulates the decision-making processes and

operating approach of the Company and its employees in the interests of sustainable long-term value creation while taking

into account the impact the actions have on people and the environment and to that end weighs the stakeholder interests that

are relevant in this context. Explicit reference is made to the UN’s Universal Declaration on Human Rights, the principal

Conventions of the International Labor Organization (ILO) and the OECD Guidelines for Multinational Enterprises.

Furthermore, the Code of Conduct provides for the guiding principles relating to: health and safety, business ethics and

anticorruption, antitrust, human resource management and the central role of the individual and the respect of human rights,

personal data privacy, conflicts of interest, the importance of the Community, of the environment and, in general terms, of

sustainability.

The Company promotes adoption of the Code of Conduct as a best practice standard of business conduct by

partners, suppliers, agents, dealers and any other business partner. In fact, the Company’s contracts worldwide include

specific clauses relating to recognition and adherence to the principles underlying the Code of Conduct and related

guidelines, as well as compliance with local regulations.

The Company closely monitors the effectiveness of and compliance with the Code of Conduct, with the help of the

Group Compliance department. Violations of the Code of Conduct are usually determined through, among other things:

periodic activities of compliance monitoring carried out by Group Compliance department, periodic and/or specific activities

carried out by the Internal Audit department of the Group; the whistleblowing reports and management procedures and

checks forming part of the standard operating procedures. Periodic reporting is provided to the Chairman and CEO as well as

to the Audit Committee. For all Code of Conduct violations, the disciplinary measures taken are commensurate with the

seriousness of the case and comply with local legislation. The relevant corporate departments are notified of violations,

irrespective of whether criminal action is taken by the authorities. The Internal Audit department of the Group should inform

the Board of Directors and the chairman of the Audit Committee without delay if, during the performance of its duties, it

discovers or suspects an instance of material misconduct or irregularity. If the actual or suspected material misconduct or

irregularity pertains to the functioning of one or more Directors, the Internal Audit department should report this to the

Chairman.

More detailed information about the Code of Conduct, among which compliance therewith in 2024, is included in

the Sustainability Statement section of our 2024 Annual Report.

Insider Trading Policy

Since 2016, the Company has adopted an insider trading policy (the “Insider Trading Policy”) governing, among

other things, the purchase, sale and other dispositions of securities issued by the Company by all Directors, officers and

employees of the Group and designed to promote compliance with applicable insider trading laws, rules and regulations as

well as with the applicable listing standards.

A copy of the Insider Trading Policy can be found under Exhibit 11.1 to this Form 20-F.

Cybersecurity

Cybersecurity risk management and strategy

Ferrari recognizes the importance of assessing, identifying, and managing material risks associated with

cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. These risks include, among other things:

operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or

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security laws. The identification, assessment and management of cybersecurity risk is integrated into our Enterprise Risk

Management process, which in turn operates within the overall Ferrari Internal Control and Risk Management System.

Cybersecurity risks related to our business, technical operations, privacy and compliance issues including any Ferrari

confidential information about vehicles, services, projects and all non-public activities related to Racing Department,

employees, clients and fans personal data are identified and addressed through a multi-faceted approach, through e.g. red-

teaming, pentesting, friendly phishing and 3rd party-managed cyber security posture analysis. Dealers’ and suppliers’

cybersecurity risks are evaluated in a similar way, as further explained below.

To defend, detect and respond to cybersecurity incidents, we, among other things, conduct proactive privacy and

cybersecurity reviews of systems and applications, including yearly attack exercises to test our cybersecurity posture, audit

applicable data policies, perform penetration testing using external third-party tools, techniques and security service providers

to test our posture, operate a bug bounty program to encourage proactive vulnerability reporting. We also conduct continuous

training to employees with in class sessions, online training, at least monthly “security pills” (i.e. email to all users to inform

them e.g. of running phishing, campaigns, cyberattacks against suppliers, or stories about cybersecurity events, with the goal

of improving end user awareness), friendly phishing campaigns and dedicated one-to-one support and advisory for any

cybersecurity question or doubt. Furthermore, our team monitors emerging laws and regulations related to data protection and

information security (including Operational Technology (OT) and vehicles) and implements appropriate changes and

collaborates with technical and business stakeholders across our business units to further analyze the risk to the company, and

define detection, mitigation and remediation strategies.

Once identified, cybersecurity events and data incidents are collected, evaluated, ranked by severity and prioritized

for response and remediation, including based on materiality, operational, business and privacy impact. Our incident response

and breach management processes have four overarching and interconnected stages: 1) preparation for a cybersecurity

incident, 2) detection and analysis of a security incident, 3) containment, eradication and recovery, and 4) post-incident

analysis.

To protect its shareholders and stakeholders, starting from 2019 Ferrari has implemented a cyber insurance program

that covers damages directly caused by hacking attacks, system failures and other cybersecurity events (loss of profit, costs

and expenses, restoration costs), as well as damages incurred by third parties following a breach of security and/or

confidentiality of personal data.

Third Party Engagement

As part of our risk management and strategies described above, we regularly engage external auditors and

consultants to assess our compliance with applicable practices and standards, including for UNECE R155, SOX, NYDFS500

certification for cybersecurity of financial services as well as for assistance with periodic security assessments such as

penetration testing, continuous and automatic vulnerability assessment, email and web filtering, endpoint and infrastructure

protection, data loss prevention, authentication systems, and advisory and support on certain cybersecurity enhancements.

Worldwide primary cybersecurity companies are frequently involved. These partnerships enable us to leverage specialized

knowledge, insights and training, ensuring our cybersecurity strategies and processes remain aligned with fast evolving risk

scenarios and new technologies.

Suppliers’ Security Profile

To oversee and identify cybersecurity threats associated with third parties, Ferrari has implemented an evaluation

process of suppliers’ security profile. Starting from the initial supplier evaluation, cybersecurity posture is evaluated through

a specific questionnaire which contains different requirements depending on the type of goods/services provided. Depending

on the outcome of the questionnaire, certain suppliers are audited in person by the Ferrari Internal Audit Department, which

analyzes a supplier’s main risks and, together with the supplier, defines (and monitors) action plans to close or reduce the

identified security gaps. At the end of the evaluation process, a cybersecurity maturity ranking is assigned, verified with a

risk-based approach. The resulting risk profile is among the criteria used to assign the bid.

Suppliers are formally required to inform Ferrari, through a dedicated channel, of cyber incidents they suffer. Ferrari

also hires additional cybersecurity services to be promptly and independently informed of suppliers’ cyber incidents and

trigger the incident management process.

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Dealers’ Security Profile

Dealers undergo a cybersecurity evaluation and assessment similar to that described above for suppliers, albeit using

a different cybersecurity questionnaire. Any final action plans are agreed with the dealership management. Same as suppliers,

dealers are required to inform Ferrari Enterprise Cybersecurity in case of cyberincidents, and are subject to a monitoring

process performed by Internal Audit.

Cybersecurity governance & reporting

Cybersecurity management is governed by the following departments and committees:

• Enterprise Cybersecurity: the department is responsible for the cybersecurity of the Group, including information

technology (IT), operational technology (OT) and vehicle cybersecurity. The Head of Enterprise Cybersecurity, who

joined Ferrari in 2019, has a degree in legal informatics, an Executive MBA and over 10 years of experience in

primary companies with a multi-year role also as Data Privacy Officer. The Head of Enterprise Cybersecurity

reports to the Chief Digital Transformation Officer (CDTO) and also has a direct link to the CEO. For additional

information relating to the CDTO’s qualifications see the “—Ferrari Leadership Team” within this section.

• Internal Control Committee (ICC): it meets periodically to monitor, evaluate and discuss Group enterprise cross-

risks and approve related initiatives, including cybersecurity risks, status on addressing and/or mitigating those risks,

cybersecurity and data privacy incidents (if any) and status on cybersecurity initiatives. It is composed of executives

and C - level executives representing the Enterprise Cybersecurity, Digital Transformation, Legal, Finance, Internal

Audit, Compliance and Risk (which includes Enterprise Risk Management) and Human Resources departments.

• Cyber Crisis Committee (CCC): it comes into play in case of significant cyber incidents. It is composed by

Enterprise Cybersecurity departments and C-level executives representing the Digital Transformation, Legal,

Finance, Communication, and Compliance departments as well as, depending on the individual case, the relevant

internal business functions (e.g. Sales, Purchasing, Design and Racing).

• Audit Committee: it is the Committee appointed by Board of Directors to oversee the implementation and

maintenance of an adequate risk management and internal control system, receives regular reporting on most

relevant risks and reviews and monitors the effectiveness of controls on these risks, including cyber risks. It invites

the Head of Enterprise Cybersecurity and CDTO to report and discuss about cybersecurity at a committee meeting at

least once a year. With the same frequency the Board of Directors is informed of cybersecurity strategy, governance

and management. Further information about the Audit Committee is included in the Corporate Governance section.

In addition to the previous committees, the CEO is directly and immediately informed of any material incidents and

has direct contact with the Head of Enterprise Cybersecurity at least monthly.

Cyber incidents

Ferrari considers as cyber incident any event that negatively affects the confidentiality, integrity, and/or availability

(CIA) at an organization in a way that impacts or could significantly impact the business. Among the cyber incidents tracked

by Ferrari in 2024 (e.g. PC thefts, smartphone losses, fraud or impersonation attempts, hacking attempts, viruses, insiders,

human errors, hacked suppliers or dealers, etc.) none has been considered critical or has significantly impacted the business.

Diversity Policy

The Board of Directors adopted an updated diversity policy for the Board of Directors (the “Diversity Policy”)

effective as of September 14, 2023, since the Company believes that diversity in the composition of the Board of Directors in

terms of age, sex, gender, nationality, expertise, experience, competencies, or other personal qualities, and cultural or other

background is an important mean of promoting debate, balanced decision making and independent actions of the Board of

Directors.

The Diversity Policy gives weight to the following diversity factors in Board of Directors composition age, sex,

gender, nationality, expertise, experience, competencies, or other personal qualities, and professional cultural or other

background. The Company considers each of these aspects key drivers to support the abovementioned goals and to achieve

sufficient diversity of views and the expertise needed for a proper understanding of current affairs and longer-term risks and

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opportunities related to the Company’s business. The Board of Directors and its ESG Committee consider such factors when

evaluating nominees for election to the Board of Directors and during the annual performance assessment process.

Gender diversity targets

a) Board of Directors diversity targets

The Company has set the following concrete targets to be achieved by 2027: (a) at least 30% of the seats of the

Board of Directors to be occupied by women and at least 30% by men; (b) at least 33% of the seats of the non-executive

members of the Board of Directors to be occupied by women and at least 33% by men; (c) the nationality of the members of

the Board of Directors to be reasonably consistent with the geographic presence of the Company’s business, and no

nationality should count for more than 60% of the members of the Board of Directors; and (d) diversity in the age of the

members of the Board of Directors by having one or more members of the Board of Directors aged under 50 at the day of

their nomination; provided that, in the candidate selection process, rules and generally accepted principles of non-

discrimination (on grounds such as ethnic origin, race, disability or sexual orientation) will be taken into account. Given the

current composition of the Board of the Company in one-tier system, composed only by two (2) executive directors (of the

same gender), the Company has decided not to set a specific gender diversity target for executive directors in the Policy while

targets have been set for the Board of Directors as a whole.

To ensure its correct implementation, the Diversity Policy will be taken into account in the nomination of executive

Directors, and in the adoption of a profile for non-executive Directors as well as in nominating and recommending non-

executive Directors.

As of December 31, 2024, the Company has achieved (i) the gender targets of the non-executive members of the

Board of Directors, (ii) the target on nationality and (iii) the age target. Due to the appointment of one extra male to the Board

of Directors compared to 2023, the percentage of women in the Board as a whole has dropped just below the 30% target.

Please find below a chart representing the Board’s gender and age as of December 31, 2024.

BOARD MEMBERS BY AGE GROUP AND GENDER


	December 31, 2024
Directors	30-50	>50	Total	Total %
Male	1	7	8	73%
Female	1	2	3	27%
Other	—	—	—	—%
Not disclosed	—	—	—	—%
Total	2	9	11	100%

b) Manager Diversity Targets (sub-top) & Diversity and Inclusion Practice

Ferrari places people at its core. We believe in the importance of inclusion and the enhancement of diversity and

continuously improve our people strategies in order to maintain an engaging, meritocratic and fair environment, in which all

Ferrari people can and want to do their best. Equal opportunities are the best way to ensure that merit is the decisive factor to

keep on attracting, retaining and developing the talents, accelerating Ferrari’s innovation process.

In order to guarantee equal opportunities, our Company operates a merit-based remuneration policy, not

discriminating on the basis of gender, age, nationality, social status or cultural background. In addition, Ferrari S.p.A. started

an in-depth analysis on remuneration, which led, in July 2020, to the award of the Equal Salary Certificate for providing

equal pay to men and women with the same qualifications and positions in the Company. This certification, which has a 3-

year validity cycle (a main audit in the first year followed by annual monitoring in the second and third years), has been

extended at global level in 2023 and confirmed in 2024. It testifies the Company’s commitment to creating an inclusive and

diverse working environment while fostering career development for all. Ferrari sees this certification not as an end point but

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as a further stage of growth and an opportunity to implement tangible actions to ensure that everyone can pursue his or her

own professional development.

In addition to that, in December 2024, Ferrari S.p.A. received the gender equality certification issued under Italian

UNI/PdR 125:2022, a gender equality practice which defines the guidelines on the management system for gender equality

and for the structuring and adoption of a set of performance indicators (KPIs) inherent to gender equality policies on

organizations, in six strategic areas including (i) culture and strategy; (ii) governance; (iii) human resources (HR)

management processes; (iv) opportunities for growth and inclusion of women in business; (v) gender pay equity and (vi)

parental protection and work-life balance.

Reflecting Ferrari’s ambition for diversity and inclusion across the Company, in 2023, the Board of Directors

adopted a diversity and inclusion practice (the “Diversity and Inclusion Practice”), and, in 2024, the Company’s CEO

executed the “Policy for Gender Equality and Diversity & Inclusion”, setting forth D&I principles according to which Ferrari

operates.

Ferrari Group promotes the valorization of human resources and encourages the diffusion of a corporate culture

based on Inclusion and mutual respect in the belief that Diversity represents a source of creativity, enrichment and

innovation. In carrying out its activities, the Group adopts an approach aimed at guaranteeing equal opportunities at all levels

of the organization as well as rejecting any form of discrimination. The Diversity and Inclusion Practice identifies and

implements diversity and inclusion principles for the whole employees’ population of Ferrari Group as well as the Board of

Directors. Among the actions we have taken to implement the Diversity and Inclusion Practice, the monitoring of diversity in

panel of hiring candidates, the analysis of the percentage of men and women involved in remuneration and promotion

processes to support with these data the decision making, the definition of clear diversity objectives for all levels in the

organization.

The continuous monitoring of our target shows that women in managerial positions at December 31, 2017 were 11.8

percent (while women represented 12.2 percent of the total employee population) and at December 31, 2024 were 16.0

percent (while women represented 16.1 percent of the total employee population).

Our goal is to proceed in this direction: indeed we aim to maintain a healthy growth rate in women in managerial

positions, considering the percentage of women in the total employee population. We define as an appropriate target to have

at least 18% women in managerial positions by 2027.

Our plan to achieve the target is to continue the implementation of initiatives and actions put in place in 2024, as

mentioned above fostering the value of diversity in panel of hiring candidates, monitoring the percentage of men and women

involved in career plans and salary review, defining clear diversity objectives for all levels in organization. For Ferrari it is

important to guarantee equal opportunities at all levels, so the consistency between global percentage and managerial

percentage is a key indicator in our diversity strategy.

Stakeholder Engagement Practice

On September 14, 2023, the Board of Directors adopted the updated version of the stakeholder engagement practice

(the “Stakeholder Engagement Practice”), as the Company firmly believes that maintaining a profitable dialogue with its

stakeholders, by listening to their expectations and perspectives, is key in the path to sustainable long-term value creation.

This Stakeholder Engagement Practice aims at enhancing Ferrari’s communication with its stakeholders and at giving all

members of the Board, managers and employees of the Ferrari Group, and anyone else working for it or on its behalf in Italy

or any other country, guidelines on the right methods and forms of interaction with such different stakeholders.

For more information our stakeholder engagement, see the chapter entitled “Stakeholder Engagement” in the

Sustainability Statement section of our 2024 Annual Report.

Profile of the non-executive Directors

In respect of the composition of the Board of Directors, a profile of the non-executive Directors (the “Profile”) has

been adopted by the Company. The purpose of this profile is to provide guidance with respect to the composition and

expertise of the non-executive Directors. The Profile provides that the Board of Directors shall be composed in such manner

that its composition reflects an adequate mix of technical abilities, professional background and experience, both general and

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specific, gained in an international environment and pertaining to the dynamics of the macro-economy and globalization of

markets, more generally, as well as the industrial and financial sectors, more specifically. In selecting and nominating new

non-executive Directors, the Company shall ensure that such non-executive Directors complement the knowledge and

experience of the other non-executive Directors and that the independency requirements under the Dutch Corporate

Governance Code and the NYSE rules are taken into account. In selecting and nominating new non-executive Directors, the

Company shall also ensure that the Diversity Policy, including the gender diversity target ratios as described under “—

Diversity Policy” above, is taken into account. In recommending prospective candidates for nomination to the Board of

Directors, the ESG Committee shall take into account the Profile. The Profile is posted on our website at https://

corporate.ferrari.com/sites/ferrari15ipo/files/e_fnv_profile_non-executive_directors_13_09_2018_clean_final_new_0.pdf.

Compliance with Dutch Corporate Governance Code

The Company endorses the principles and best practice provisions of the Dutch Corporate Governance Code, except

for the following best practice provisions which are explained below:

• Best practice provision 2.2.4 of the Dutch Corporate Governance Code: The supervisory board should also draw up

a retirement schedule in order to avoid, as much as possible, supervisory board members retiring simultaneously.

The retirement schedule should be published on the company’s website.

The Company does not have a retirement schedule as referred to in best practice provision 2.2.4 of the Dutch

Corporate Governance Code, because the Company’s Articles of Association provide for a term of office of member of the

Board of Directors for a period of approximately one year after appointment, such period expiring on the day the first annual

general meeting of shareholders is held in the following calendar year. Short terms of office for board members are

customary for companies listed in the U.S. As the Company is listed on the NYSE, the Company also follows certain

common U.S. governance practices, one of which is the reappointment of our Directors at each annual general meeting of

shareholders. In light of this term of office, the Company does not have a retirement schedule in place.

• Best practice provision 4.1.8 of the Dutch Corporate Governance Code: Management board and supervisory board

members nominated for appointment should attend the general meeting at which votes will be cast on their

nomination.

Pursuant to best practice provision 4.1.8 of the Dutch Corporate Governance Code, every executive and non-

executive Director nominated for appointment should attend the general meeting at which votes will be cast on its

nomination. Since, pursuant to Article 14.3 of the Articles of Association, the term of office of Directors is approximately

one year, such period expiring on the day the first annual general meeting of shareholders of the Company is held in the

following calendar year, all members of the Board of Directors are nominated for (re)appointment each year. By publishing

the relevant biographical details and curriculum vitae of each nominee for (re)appointment, the Company ensures that the

Company’s general meeting of shareholders is well informed in respect of the nominees for (re)appointment and in practice

only the Chairman, the Chief Executive Officer and the Vice-Chairman will therefore be present at the general meeting.

• Best practice provision 5.1.4 of the Dutch Corporate Governance Code: Neither the audit committee nor the

remuneration committee can be chaired by the chairman of the management board or by a former executive director

of the company.

Our Senior Non-Executive Director and Chair of the Board of Directors, Mr. Duca, is also the Chairperson of the

Audit Committee, which is not in line with best practice provision 5.1.4 of the Dutch Corporate Governance Code. The

Company believes that Mr. Duca, in light of his extensive experience with audits and his knowledge in this respect, brings a

valuable contribution to the Audit Committee and therefore believes it is in Ferrari’s best interest and appropriate for Mr.

Duca to chair the Audit Committee.

• Best practice provision 5.1.4 of the Dutch Corporate Governance Code: The committees referred to in best practice

2.3.2 should be comprised exclusively of non-executive directors.

Mr. Elkann, our Executive Chairman and Executive Director, has a position on the ESG Committee, to which best

practice provision 5.1.4 of the Dutch Corporate Governance Code applies. The position of Mr. Elkann as executive Director

in this committee follows inter alia from the duties of the ESG Committee, which are more extensive than the duties of a

selection and appointment committee and include duties that warrant participation of an executive Director in the view of the

Company.

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Italian Corporate Governance Code

As regards the Italian framework for corporate governance, the Company is aware that a corporate governance code

(the “Italian CGC”) has been issued by Borsa Italiana S.p.A., applicable to all companies with shares listed on Euronext

Milan starting from January 2021.

As of December 31, 2024, the Company’s corporate governance structure is substantially in line with all the

principles and recommendations set forth in the Italian CGC, especially due to the fact that the Company has adopted, and

complies with, the Dutch Corporate Governance Code, which contains principles and best practice provisions largely similar

to those highlighted in the Italian CGC, exception being made for the following:

a)The independent Chair of the Board of Directors cannot chair the control and risk committee (Article 2,

Recommendation no. 7 of the Italian CGC).

Our Senior Non-Executive Director and Chair of the Board of Directors, Mr. Duca, is also the Chairperson of the

Audit Committee, which is not in line with best practice provision under Article 2, Recommendation no. 7 of the Italian

CGC. The Company believes that Mr. Duca, in light of his extensive experience with audits and his knowledge in this

respect, brings a valuable contribution to the Audit Committee and therefore believes it is in Ferrari’s best interest and

appropriate for Mr. Duca to chair the Audit Committee.

b)In large companies, the Board of Directors expresses its guidelines on the maximum number of offices that can be

considered compatible with an effective performance and the time commitment required by the role of the directors.

The relevant offices are those held in corporate bodies of other listed companies or of companies having a

significant size (Article 3, Recommendation no. 15 of the Italian CGC)

Applicable Dutch corporate law already expressly regulates the maximum number of offices that may be held by

directors. Pursuant to Dutch law, persons may not be appointed as non-executive Directors if such persons are non-executive

director, member of the supervisory board or other similar bodies for five or more (Dutch) companies of a certain size and

such persons cannot be appointed as executive Directors if such persons are non-executive director at more than two other

(Dutch) companies of a certain size or if such person is the chairperson of the board of supervisors or the one tier board of

another (Dutch) company of a certain size. Ferrari is compliant with the abovementioned Dutch limits.

c)In large companies, the Board of Directors elaborates, with the support of the nomination committee, a plan for the

succession of the Chief Executive Officer and executive directors by identifying, at least, the procedures to be

followed in the event of an early termination of office (Article 4, Recommendation no. 24 of the Italian CGC)

The Company’s Board of Directors believes that the members of the Board of Directors itself – chosen and

appointed on the basis of their respective expertise, level of professionalism and knowledge of the Company’s business –

would be capable to carry out (in the absence, due to early termination of the office, of the Chief Executive Officer and/or

any other executive officer) the ordinary business of the Company until the appointment, by the competent corporate body, of

the new Chief Executive Officer and/or other executive officer(s).

Further, the Company’s Board of Directors believes that the decision whether to adopt a succession plan shall be

further analysed bearing in mind the sensitivity of the topic.

Furthermore, the Company believes that the overall system of delegated powers adopted by the Company is

sufficient to mitigate the risk of a vacancy for an executive Director or a senior manager and ensure the continuity of the

Company’s business. The overall system of delegated powers adopted by the Company already includes a succession plan for

the top management which in the Company is represented by the Ferrari Leadership Team. The Company believes that the

above measures help the Company achieving the objective underlying the Code’s principles and in any case contributes to

good corporate governance. Finally, it should be noted that the Company’s Board of Directors has already defined a

procedure to be applied for the appointment of, at least, the Chief Executive Officer, which provides for, inter alia, the

involvement of, inter alia, a specific committee (i.e., the CEO Search Committee), who will assist the ESG Committee with

selecting a new candidate for this office.

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Exchange Controls

Under Dutch law, there are no exchange control restrictions on investments in, or payments on, the Ferrari common

shares. There are no special restrictions in the Ferrari Articles of Association or Dutch law that limit the right of shareholders

who are not citizens or residents of the Netherlands to hold or vote the Ferrari common shares.

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REPORT OF THE NON-EXECUTIVE DIRECTORS

Introduction

This is the report of the non-executive Directors of the Company over the financial year 2024, as referred to in best

practice provision 5.1.5 of the Dutch Corporate Governance Code, and it provides further information on the performance of

the non-executive Directors’ duties throughout 2024.

It is the responsibility of the non-executive Directors to supervise the policies carried out by the executive Directors

and the general affairs of the Company and its affiliated enterprise, including the implementation of the strategy of the

Company regarding sustainable long-term value creation. Inter alia, non-executive Directors should focus on the

effectiveness of the Company’s internal risk management and control systems and the integrity and quality of the financial

reporting and the sustainability reporting. It is also the responsibility of the non-executive Directors to determine the

remuneration of the executive Directors and to nominate candidates for the Director appointments. In so doing, the non-

executive Directors act solely in the interest of the Company. With a view of maintaining supervision on the Company, the

non-executive Directors regularly discuss Ferrari’s long-term business plans, the implementation of such plans and the risks

associated with such plans with the executive Directors.

According to the Articles of Association, the Board of Directors is a single board and consists of three or more

members, comprising both members having responsibility for the day-to-day management of Ferrari (executive Directors)

and members not having such day-to-day responsibility (non-executive Directors). The tasks of the executive and non-

executive Directors in a one-tier board such as the Company’s Board of Directors may be allocated under or pursuant to the

Articles of Association, provided that the general meeting of shareholders has stipulated whether such Director is appointed

as executive or as non-executive Director and furthermore provided that the task to supervise the performance by the

Directors of their duties can only be performed by the non-executive Directors. Regardless of an allocation of tasks, all

Directors remain collectively responsible for the proper management and strategy of the Company (including supervision

thereof in case of non-executive Directors).

Details of the current composition of the Board of Directors, including the non-executive Directors, and its

committees are set forth in the section “Board of Directors”.

Supervision by the non-executive Directors

The non-executive Directors supervise the policies carried out by the executive Directors and the general affairs of

the Company and its affiliated enterprise. In so doing, the non-executive Directors have also focused on the effectiveness of

the Company’s internal risk management and control systems, the integrity and quality of the financial reporting and Ferrari’s

long-term business plans, the implementation of such plans and the risks associated.

The non-executive Directors also determine the remuneration of the executive Directors and nominate candidates for

the Director appointments. Furthermore, the Board of Directors may allocate certain specific responsibilities to one or more

individual Directors or to a committee comprised of eligible Directors of the Company and subsidiaries of the Company. In

this respect, the Board of Directors has allocated certain specific responsibilities to the Audit Committee, the Compensation

Committee and the ESG Committee. Further details on the manner in which these committees have carried out their duties,

are set forth in the sections “The Audit Committee”, “The Compensation Committee” and “The ESG Committee”.

The non-executive Directors supervised the adoption and implementation of the strategies and policies by the Group,

reviewed this annual report, including the Compensation Report and the Group’s financial results, received updates on legal

and compliance matters and they have been regularly involved in the review and approval of transactions entered into with

related parties. The non-executive Directors have also reviewed the reports of the Board of Directors and its committees and

the recommendations for the appointment of Directors.

Meetings and attendance

During 2024, there were four meetings of the Board of Directors. The average attendance at those meetings was

95.46 percent. Members of the FLT were invited to give presentations to the Board of Directors. Portions of these meetings

took place with the participation of the non-executive Directors only, without the executive Directors or any other attendees

being present, in order for the non-executive Directors to independently review and discuss certain matters. In addition, the

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Senior Non-Executive Director and the Chief Executive Officer held regular one-to-one meetings to discuss progress and key

topics. Members of the Board of Directors had contact with various levels of management to ensure that they remained well-

informed about the Company’s operations. All non-executive Directors set aside adequate time to give sufficient attention to

the Company’s matters.

An overview of the attendance of the individual Directors per meeting of the Board of Directors and its committees

set out against the total number of such meetings is set out below:


Name	Meeting Board of Directors	Audit Committee	ESG Committee	Compensation Committee
John Elkann	4/4	—	1/1	—
Benedetto Vigna	4/4	—	—	—
Piero Ferrari	4/4	—	—	1/1
Sergio Duca	4/4	6/6	—	—
Delphine Arnault	3/4	—	1/1	—
Francesca Bellettini	3/4	5/6	—	—
Eddy Cue	4/4	—	1/1	1/1
John Galantic	4/4	—	—	1/1
Maria Patrizia Grieco	4/4	6/6	—	—
Adam Keswick	4/4	—	—	—
Mike Volpi	4/4	—	—	—

Board focus

During these meetings, key topics discussed were, amongst others: the Group’s strategy, the Group’s financial

results and reporting, sustainability, acquisitions and divestments, executive compensation, technological developments, risk

management, updates on legal and compliance, risk management, human resources with the Head of Human Resources,

implementation of the Remuneration Policy and the compensation report. The non-executive Directors were actively

involved in the process of reviewing strategic and growth projects for the Company.

Independence of the non-executive Directors

The non-executive Directors are required by Dutch law to act solely in the interest of the Company. The Dutch

Corporate Governance Code stipulates the corporate governance rules relating to the independence of non-executive

Directors and requires under most circumstances that a majority of the non-executive Directors be “independent”.

Currently, nine out of nine non-executive Directors are considered to be independent under the NYSE definition

while eight non-executive Directors are considered to be independent under the Dutch Corporate Governance Code given the

right of usufruct Mr. Pierro Ferrari holds over shares (including the right to exercise the voting rights of such shares) held by

Trust Piero Ferrari (as described in this Annual Report). Mr. Sergio Duca, the Senior Non-Executive Director of the Board of

Directors, is independent under the Dutch Corporate Governance Code in accordance with best practice provision 2.1.9 of the

Dutch Corporate Governance Code.

Ferrari is of the opinion that the independency requirements as referred to in best practice provision 2.1.10 of the

Dutch Corporate Governance Code are met by the Company.

Evaluation by the non-executive Directors

The non-executive Directors are responsible for supervising the Board of Directors and its committees, as well as the

individual executive and non-executive Directors, and are assisted by the ESG Committee in this respect. Each year, the

Board of Directors formally assesses its performance, including with respect to its composition, diversity and how effectively

its members work together, with the aim of helping to improve the effectiveness of the functioning of the Board of Directors

and its committees.

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In accordance with the ESG Committee Charter, the ESG Committee assists and advises the Board of Directors with

respect to periodic assessment of the performance of individual Directors. In this respect, the ESG Committee has, amongst

others, the duties and responsibilities to review annually the Board of Directors’ performance and the performance of its

committees and to review each Director’s continuation on the Board of Directors at appropriate regular intervals as

determined by the ESG Committee.

In 2024, the ESG Committee’s periodic assessments took place during the meeting held on February 15. During that

meeting, the ESG Committee focused on the results of the periodic assessments and the performance of the Board of

Directors, its committees and the individual Directors, keeping also into account the self-assessment prepared by each

Director. During such meeting and on the basis of such evaluations, the ESG Committee dealt also with the directors’

nomination process, the assessment of Directors’ qualifications, the size and composition of the Board of Directors and its

committees, as well as the recommendations for Directors’ election, in which the outcome of the evaluations has been

reflected.

The non-executive Directors have been regularly informed by each committee as referred to in best practice

provision 2.3.5 of the Dutch Corporate Governance Code and the conclusions of those committee were taken into account

when drafting this report of the non-executive Directors.

The non-executive Directors were able to review and evaluate the performance of the Audit Committee, the ESG

Committee and the Compensation Committee based on the assessments made by the ESG Committee. The self-assessment of

the Committees were also discussed by the Board of Directors. The outcome of the evaluations is that there is no need to

amend the size or composition of the Audit Committee, the ESG Committee and the Compensation Committee, nor is there

any reason to amend their charters on this basis. Further details on the manner in which these committees have carried out

their duties, are set forth in sections “The Audit Committee”, “The Compensation Committee” and “The ESG Committee”.

On the basis of the preparations by the ESG Committee, the non-executive Directors were able to review the Board

of Director’s assessments, the individual Directors’ assessments and the recommendation for Directors’ election. The Board

of Directors concluded that each of the Directors continues to demonstrate commitment to its respective role in the Company.

Also, pursuant to the Compensation Committee Charter, the Compensation Committee implements and oversees the

remuneration policy as it applies to non-executive Directors, executive Directors and senior officers reporting directly to the

executive Directors. The Compensation Committee administers all the equity incentive plans and the deferred compensation

benefits plans. On the basis of the assessments performed, the non-executive Directors determine the remuneration of the

executive Directors and nominate candidates for the Director appointments.

The non-executive Directors have supervised the performance of the Audit Committee, the Compensation

Committee and the ESG Committee.

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RESPONSIBILITIES IN RESPECT TO THE ANNUAL REPORT

The Board of Directors is responsible for preparing the Annual Report, inclusive of the Consolidated and Company

Financial Statements and Board Report, in accordance with Dutch law and International Financial Reporting Standards as

issued by the International Accounting Standards Board and as adopted by the European Union (IFRS Accounting

Standards).

In accordance with Section 5:25c, paragraph 2 of the Dutch Financial Supervision Act, the Board of Directors states

that, to the best of its knowledge, the Consolidated and Company Financial Statements prepared in accordance with IFRS

Accounting Standards as adopted by the European Union provide a true and fair view of the assets, liabilities, financial

position and profit or loss for the year of the Company and its subsidiaries and that the Board Report provides a true and a

fair view of the performance of the business during the financial year and the position at the balance sheet date of the

Company and its subsidiaries, together with a description of the principal risks and uncertainties that the Company and the

Group face.

February 20, 2025

Board of Directors

John Elkann

Benedetto Vigna

Piero Ferrari

Sergio Duca

Delphine Arnault

Francesca Bellettini

Eddy Cue

John Galantic

Maria Patrizia Grieco

Adam Keswick

Mike Volpi

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Sustainability Statement

ESRS 2 - General disclosures

Basis for preparation

Through this Sustainability Statement, we aim to provide our stakeholders with sustainability-related information

and illustrate our sustainability strategy and our corporate social responsibility initiatives in 2024 (from January 1, 2024, to

December 31, 2024) to ensure a transparent and structured communication with our stakeholders.

This Sustainability Statement is prepared for the first time in accordance with the requirements from the European

Sustainability Reporting Standard (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG). While the

Dutch implementation of the Corporate Sustainability Reporting Directive (CSRD) is still pending, we believe in proactive

sustainability reporting and have chosen to voluntarily prepare our reports in accordance with the CSRD standards. Several

operating departments of the Group have been actively involved in the process of data gathering and report drafting to shape

this Statement. This was prepared under the supervision of Ferrari Group’s Chief Financial Officer and was shared with the

Executive Officers of the Group and with the ESG Committee of the Board of Directors. The IROs (defined as Impacts, Risks

and Opportunities) were approved by the Audit Committee of the Board of Directors.

This Statement has been prepared on a consolidated basis. The scope of consolidation corresponds to Ferrari N.V.’s

Consolidated Financial Statements. The Sustainability Statement covers our upstream and downstream value chain with

respect to policies and actions related to material IROs identified along our value chain (for more details refer to “ESRS 2—

General disclosures—Impacts, risks and opportunities management”), and GHG Scope 3 emissions metrics (please refer to

“E1—Climate change—Our GHG Emissions” paragraph).

We did not use the option to omit a specific piece of information corresponding to intellectual property know-how or

the results of innovation and any exemption from disclosure of impending developments or matters in the course of

negotiation, as provided for in articles 19a (3) and 29a (3) of Directive 2013/34/EU.

Any exceptions, with regard to the scope of this data, are clearly indicated throughout this Statement.

Please note that the quantitative metrics of Scope 3 GHG emissions and quantities of substances of concern, related

to metrics E1-6 and E2-5, are based on estimates and assumption subject to a high level of measurement uncertainty. For

further detail about the calculation methodology and uncertainty associated, please refer to “E1—Climate change—Our GHG

Emissions” and “E2—Pollution—Our metrics” , respectively.

The reporting frequency will be annual and we use the phase-in provision in accordance with the ESRS 1 Appendix

C except for S1-7, S1-13, S1-14.

In this Statement, we define as significant the fines that are above the financial materiality threshold considered for

the Financial Statement. For more details on how it was determined, please refer to the Independent Auditor’s Report in this

Report. In addition, for the actions indicated in each chapter, we define as significant the amount of operational and capital

expenditures that exceeds the threshold of €4 million.

2 References in this table to Directors refer to Ferrari N.V. The Board of Directors is appointed annually on each annual general meeting of shareholders.

3 Directorships in listed companies other than in the Company.

4 Mr. John Elkann is Executive Director from April 12, 2019.

5 Mr. Benedetto Vigna was confirmed as Chief Executive Officer by the Board of Directors as of April 14, 2023.

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Governance

Ferrari N.V. is a public limited liability company, incorporated under the laws of the Netherlands. The Company is

the holding company of the Ferrari Group following the separation of the Ferrari business from FCA, now Stellantis N.V. In

this section, the “Company” refers to Ferrari N.V. The Company qualifies as a foreign private issuer under the New York

Stock Exchange (“NYSE”) listing standards and its common shares are listed on the NYSE and on Euronext Milan (formerly

Mercato Telematico Azionario).

The Board of Directors as a whole is responsible for the strategy of the Company. The Board of Directors appointed

the following internal committees: (i) an Audit Committee, (ii) an ESG Committee, and (iii) a Compensation Committee. On

certain key operational matters, the executive Directors are supported by the Ferrari Leadership Team (hereinafter also the

“FLT”), which is responsible for reviewing the operating performance of the businesses, collaborating on certain operational

matters, supporting the executive Directors with their tasks and executing decisions of the Board of Directors and the day to

day management of the Company, primarily to the extent it relates to the operational management.

As of December 31, 2024, our Board of Directors is composed of eleven Directors as shown in the table below:


Directors	Nationality	Executive	Non Executive	Independent		Committees			Directors first term from 2	Directors current term from	Roles in other listed companies 3
Directors	Nationality	Executive	Non Executive	NYSE Rules	Dutch Code	Audit	Compen sation	ESG	Directors first term from 2	Directors current term from	Roles in other listed companies 3
John Elkann (Executive Chairman and Executive Director)	IT	x						x	April 15, 2016 4	April 17, 2024	3
Benedetto Vigna (Chief Executive Officer)	IT	x							September 16, 2021 5	April 17, 2024	0
Piero Ferrari (Vice Chairman)	IT		x	x			x		January 2, 2016	April 17, 2024	0
Sergio Duca (Chair of the Board and Senior Non- Executive)	IT		x	x	x	x			January 2, 2016	April 17, 2024	0
Delphine Arnault	FR		x	x	x			x	April 15, 2016	April 17, 2024	2
Francesca Bellettini	IT		x	x	x	x			April 16, 2020	April 17, 2024	0
Eddy Cue	US		x	x	x		x	x	January 2, 2016	April 17, 2024	0
John Galantic	US, CH		x	x	x		x		April 16, 2020	April 17, 2024	0
Maria Patrizia Grieco	IT		x	x	x	x			April 15, 2016	April 17, 2024	2
Adam Keswick	UK		x	x	x				April 15, 2016	April 17, 2024	1
Mike Volpi	US		x	x	x				April 14, 2023	April 17, 2024	3

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The Audit Committee currently consists of Mr. Duca (Chairperson), Ms. Bellettini and Mrs. Grieco, each of whom

is independent within the meaning of the Dutch Corporate Governance Code. At the date of this Annual Report, every

member of the Audit Committee is a non-executive Director.

The Compensation Committee currently consists of Mr. Galantic (Chairperson), Mr. Cue and Mr. Ferrari. At the

date of this Annual Report, every member of the Compensation Committee is a non-executive Director and the majority of

them are independent.

The ESG Committee consists of Mr. Elkann (Chairperson), Mrs. Arnault and Mr. Cue. The ESG Committee is

elected by the Board of Directors and is comprised of at least three Directors. At the date of this Annual Report, Mr. Elkann

is the only Executive member of the ESG Committee and the majority of ESG Committee members are independent.

Nine Directors currently qualify as independent (representing a majority) for purposes of NYSE rules and Rule

10A-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and eight Directors qualify as independent

(representing a majority) for purposes of the Dutch Corporate Governance Code.

In percentage terms, the share of independent members of the Board according to the NYSE Rule is 82%, whereas

according to the Dutch Corporate Governance Code the percentage is 73%. None of the members of the Board of Directors

have held similar positions in the public administration (including regulators) in the past two years.

According to the applicable laws and the Regulation of the Board, at the level of the Company no works council or

similar employee participation bodies are required to be installed.

As of December 31, 2024, the members of the Board of Directors had the skills shown in the table below:


Skill Area	Corporate Governance and Risk management	Financial and accounting	Corporate management	Digital and cybersecurity	Innovation	ESG	Automotive and motorsport industry knowledge	Luxury goods industry knowledge
John Elkann (Executive Chairman and Executive Director)	x	x	x		x	x	x	x
Benedetto Vigna (Chief Executive Officer)	x		x	x	x	x	x	x
Piero Ferrari (Vice Chairman and non- Executive Director)	x		x				x	x
Sergio Duca (Senior Non-Executive Director)	x	x	x			x	x
Delphine Arnault (Non-Executive Director)	x	x	x			x		x
Francesca Bellettini (Non-Executive Director)	x	x	x					x
Eddy Cue (Non- Executive Director)	x		x	x	x	x
John Galantic (Non- Executive Director)	x		x			x		x
Maria Patrizia Grieco (Non-Executive Director)	x	x	x			x	x
Adam Keswick (Non- Executive Director)	x	x	x				x
Mike Volpi (Non- Executive Director)	x		x	x	x		x

All Board Members have knowledge and expertise on business ethics, corporate governance and regulatory affairs.

Moreover, more than half of Board Members have developed experiences in social engagements and environmental issues.

6 The Diversity Policy is applicable to all board members of Ferrari N.V., according to Dutch law, and it is drafted taking into account the interests of the

Board of Directors itself.

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With these skills they are able to better oversee sustainability matters and manage impacts, risks and opportunities. With

reference to the IROs related to Quality and Safety, Climate Change, Circular economy and Natural Resources Management

they benefit from the Board’s skills in the automotive, motorsport and luxury goods industry, as well as in ESG. Furthermore,

the IROs related to Ethics and Business Conduct benefit from Corporate Governance and Risk management expertise. Digital

and cybersecurity Board skills enable them to accurately oversee the IROs related to the Data Responsibility, privacy and

cybersecurity topic.

Within each paragraph the function responsible for the IROs involved will be indicated.

In the event of updates to internal and/or external regulations, the administrative, management and/or supervisory

internal bodies may receive relevant training as deemed necessary.

Diversity Policy

The Board of Directors adopted an updated diversity policy for the Board of Directors (the “Diversity Policy”)

effective as of September 14, 2023, since the Company believes that diversity in the composition of the Board of Directors in

terms of age, sex, gender, nationality, expertise, experience, competencies, or other personal qualities, and cultural or other

background is an important mean of promoting debate, balanced decision making and independent actions of the Board of

Directors.

The Diversity Policy 6 gives weight to the following diversity factors in Board of Directors composition: age, sex,

gender, nationality, expertise, experience, competencies, or other personal qualities, and professional cultural or other

background. The Company considers each of these aspects key drivers to support the above mentioned goals and to achieve

sufficient diversity of views and the expertise needed for a proper understanding of current affairs and longer-term risks and

opportunities related to the Company’s business. The Board of Directors and its ESG Committee consider such factors when

evaluating nominees for election to the Board of Directors and during the annual performance assessment process. The

Diversity Policy covers the following opportunity: “Diversity of governing body/executive team - The capabilities and

perspectives of board/executive team members are important for making robust decisions on an ongoing basis”.

The most senior level in Ferrari accountable for the implementation and monitoring of the policy is the ESG

Committee. The policy is available on the corporate website.

Board of Directors diversity targets

The Company has set the following concrete targets to be achieved by 2027: (a) at least 30 percent of the seats of the

Board of Directors to be occupied by women and at least 30 percent by men; (b) at least 33 percent of the seats of the non-

executive members of the Board of Directors to be occupied by women and at least 33 percent by men; (c) the nationality of

the members of the Board of Directors to be reasonably consistent with the geographic presence of the Company’s business,

and no nationality should count for more than 60 percent of the members of the Board of Directors; and (d) diversity in the

age of the members of the Board of Directors by having one or more members of the Board of Directors aged under 50 at the

day of their nomination; provided that, in the candidate selection process, rules and generally accepted principles of non-

discrimination (on grounds such as ethnic origin, race, disability or sexual orientation) will be taken into account. Given the

current composition of the Board of the Company in one-tier system, composed only by two (2) executive directors (of the

same gender), the Company has decided not to set a specific gender diversity target for executive directors in the Policy while

targets have been set for the Board of Directors as a whole.

To ensure its correct implementation, the Diversity Policy will be taken into account in the nomination of executive

Directors, and in the adoption of a profile for non-executive Directors as well as in nominating and recommending non-

executive Directors.

As of December 31, 2024, the Company has achieved (i) the gender targets of the non-executive members of the

Board of Directors, (ii) the target on nationality and (iii) the age target. Due to the appointment of one extra male to the Board

of Directors compared to 2023, the percentage of women in the Board as a whole has dropped just below the 30 percent

target.

7 With the term Senior Managers we refer to the FLT members reporting directly to the Chief Executive Officer.

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The ESG Committee periodically monitors gender targets during the nomination process and for the updating of the

Annual Report.

These targets have been defined in compliance with the Dutch law and aim to be both challenging and achievable.

Please find below a chart representing the Board’s gender and age as of December 31, 2024.

Board Members by age and gender


2024
	< 30	30-50	>50	Total	Total %
Female	—	1	2	3	27%
Male	—	1	7	8	73%
Other	—	—	—	—	—
Not disclosed	—	—	—	—	—
Total	—	2	9	11	100%
Total %	—	18%	82%	100%	100%

A further aspect of diversity within the Board is nationality: 54.5 percent of its members are of Italian nationality,

while 45.5 percent have other nationalities. Additionally, gender diversity of the Audit Committee is 66.7 percent, of the

Compensation Committee is 0 percent, and of the ESG Committee is 33.3 percent. The Board’s gender diversity gap is

calculated as an average ratio of female to male Board Members.

Our Decision-Making Process

The Ferrari Leadership Team (FLT) is responsible for reviewing the operating performance of the business,

collaborating on certain operational matters, supporting the Chief Executive Officer with his tasks and executing the

decisions of the Board of Directors and the day-to-day management of the Company, primarily as it relates to operational

management. All FLT members are executive officers. Please find below a chart representing the Ferrari Leadership Team by

gender as of December 31, 2024.


2024
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total	Total %
Senior Managers 7	14	87.5%	2	12.5%	—	—%	—	—%	16	100%

The FLT is led by the Chief Executive Officer and is composed of the heads of the operating and central functions.

We have defined cross-functional committees, responsible for cross-functional projects to sustain excellence in every area,

among which the ESG Strategic Committee. The ESG Strategic Committee, composed of all the members of the FLT, is in

charge of defining the ESG strategy of the Ferrari Group and of monitoring the achievement of the targets.

Our Chief Financial Officer, a member of the FLT and Head of the ESG Strategic Committee, is responsible for the

sustainability function. It oversees the sustainability activities within the Group, promoting dialog between different teams

and functions, identifying impacts and opportunities as well as supporting risk identification. Moreover, the sustainability

function directly defines or contributes to the approval of ESG targets. The Chief Financial Officer periodically reports back

to the Board of Directors on the management of the organization’s impacts, as well as the setting and progress of ESG targets

and the definition of remediation plans if required.

At the operational level, we have established two committees focused on specific environmental and social issues,

responsible for translating strategies into concrete decisions and action plans. The Diversity and Inclusion Committee, headed

by the Chief Human Resources Officer, focuses on gender diversity, disability inclusion, generational diversity and

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educational opportunities. In March 2024, a Diversity and Inclusion office was established within Ferrari’s organizational

chart, with the aim of promoting and coordinating the development of a diverse and inclusive work culture within the

organization. Fostering this culture not only enriches the working environment, but also drives greater innovation and

creativity, key elements for the organization’s sustainable success.

Whereas, the Green Sustainability Steering Committee, led by the Head of Carbon Neutrality and Supplier

Relations, has the priority to reach Carbon Neutrality by 2030, addressing direct and indirect GHG emissions, focusing on

energy and materials, in addition to our electrification journey.

In 2024, the Board of Directors met four times, achieving an attendance rate of 95.46 percent. The Board of

Directors was informed twice by the Chief Financial Officer and the Chief Human Resources Officer about material IROs

and in particular, the activities implemented to reach Carbon Neutrality, the educational projects with the local community

and the diversity and inclusion progress, as well as employee development. All the discussed topics are linked to specific

IROs that resulted as relevant in the double materiality assessment.

In 2024, the Audit Committee met 6 times and the average attendance rate was 94.45 percent. At these meetings

several matters were discussed, including the Audit Committee role and responsibilities, the Company’s financial control and

risk framework, risk assessment, internal control over financial reporting pursuant to the applicable rules, and a financial

overview of operating results. In particular, the Audit Committee reviewed Ferrari’s periodic and yearly financial results and,

with the assistance of the Chief Financial Officer and other Company officers, focused on key accounting and reporting

matters as well as the main business drivers. In 2024, the Committee was updated on the CSRD Directive implementation as

well as the stakeholder engagement activity and approved the double materiality matrix.

In 2024, the ESG Committee met once with 100 percent attendance of its members at such meeting. The Committee

reviewed the Board of Directors and Committee’s assessments, the sustainability achievements and objectives, and the

recommendations for Directors’ election.

In 2024, the Compensation Committee met once with 100 percent attendance of its members at such meeting. The

Compensation Committee reviewed the compensation report. Further information on the activities of the Compensation

Committee is included in the compensation report.

Integrating sustainability into our Company relies on a formal structure with clear accountabilities across different

levels of the organization.

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Roles and responsibilities for impacts and risks are formally defined into specific regulations that are available on

the Ferrari corporate website, including the Regulations of the Board of Directors, the ESG Committee Charter, and the Audit

Committee Charter. For additional information, please refer to the “Corporate Governance” chapter.

We take an integrated approach to risk management, where risk assessment is part of the leadership team agenda.

The Board of Directors is responsible for considering the ability to control and manage risks crucial to achieve its identified

business targets and to ensure continuity of the Group. The Board of Directors designs, implements, and maintains internal

risk management and control systems. In executing such responsibilities, it is assisted by the Audit Committee, which is

responsible for advising the Board of Directors and acts under the authority delegated by the Board of Directors with

reference to internal controls and risk management systems. The Ferrari Leadership Team is responsible for the deployment

and maintenance of a risk management system across our business functions.

As of today, each function involved is accountable for implementing controls and procedures to manage relevant

negative and positive impacts with support from the sustainability function, as well as ESG opportunities. With reference to

ESG risks, the management’s role in governance processes, as well as controls and procedures used to monitor, manage and

oversee them, is defined in the “Risk Management Process and Internal Control System” chapter. For more details on

controls and procedures to manage the IROs refer to the following chapters.

Impacts, risks and opportunities are presented to the ESG Strategic Committee for evaluation and discussion. They

are then submitted to the Audit Committee for approval and, are ultimately approved by the Board of Directors along with the

Sustainability Statement.

ESG-related impacts and risks represent an important business driver, a support in our decision-making process and

a key point to develop the Group’s risk management process.

Integration of sustainability-related performance in incentive schemes

The description below summarizes the guidelines and the principles followed by Ferrari in order to define and

implement the remuneration policy applicable to the executive Directors and non-executive Directors of the Company, as

well as members of the Ferrari Leadership Team (FLT). The form and amount of compensation received by the Directors of

Ferrari for the year ended December 31, 2024, was determined in accordance with the remuneration policy.

The Compensation Committee oversees the remuneration policy, remuneration plans and practices of Ferrari and

recommends changes when appropriate. The Committee is solely comprised of non-executive Directors from the Board of

Directors who are independent pursuant to the Dutch Corporate Governance Code (the “Code”). Ferrari’s current

remuneration policy was approved by shareholders at the 2024 AGM and will be resubmitted to a vote by the Company’s

General Meeting at least every four years.

The Board of Directors determines the compensation for our executive Directors following the recommendation of

the Compensation Committee and with reference to the remuneration policy. The compensation structure for executive

Directors and FLT members includes a fixed component and a variable component based on short and long-term

performance.

Our remuneration policy is aligned with Dutch law and the Code. In particular, the Code requires listed companies

to disclose certain information about the compensation of their Board and executive Directors. Through this remuneration

strategy, Ferrari fulfills the requirements of the Code ensuring full transparency with our shareholders.

The main goal of Ferrari’s remuneration strategy is to develop a system which consistently supports the business

strategy and value creation for all shareholders, establishing a compensation structure that allows us to attract and retain the

most highly qualified executive talents and motivate such executives to achieve business and financial goals that create long-

term value for shareholders in a manner consistent with our core business and leadership values and taking into account the

social context around the Company.

The main principles of Ferrari’s remuneration policy are outlined in the chart below:

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The structure of the remuneration applicable to our executive Directors, non-executive Directors and other key

management under Ferrari’s remuneration policy has not changed in 2024 and consists of the following elements:

i. Fixed Remuneration linked to the third pillar of Ferrari’s remuneration policy (Competitiveness) with the objective

of attracting, retaining and motivating our qualified executives and effective leaders. For this reason, we periodically

benchmark comparable salaries paid to executives with similar experience by comparable companies;

ii. Short-Term Incentives (STI) linked to the first and second pillars of Ferrari’s remuneration policy (Alignment with

Ferrari’s Strategy and Pay for Performance) and tied to specific financial targets which are set at challenging levels;

short-term incentives are also linked to the contribution of the individual member (Individual Performance Factor) in

order to motivate its beneficiaries to achieve challenging targets. In particular, Ferrari’s 2024 achievements, success

and developments were driven by organization-wide alignment with the Company’s strategy and values, through

incentives that reward the achievement of those goals;

iii. Long-Term Incentives (LTI) linked to the first and fourth pillars of Ferrari’s remuneration policy (Alignment with

Ferrari’s Strategy and Long-Term Shareholder Value Creation) with the aim to align the behavior of executives

critical to the business with shareholders’ interests, motivate executives to achieve long-term strategic objectives,

and enhance retention of key resources;

iv. Non-Monetary Benefits which are related to the overall remuneration and linked to the third pillar of Ferrari’s

remuneration policy (Competitiveness).

Regarding the LTI, during 2024, Ferrari had three long-term equity incentive plans in place, consistent with the

Company’s business plan presented at the Capital Markets Day in June 2022 and awarding to their beneficiaries, as the case

may be, a combination of performance share units (“PSUs”) and restricted share units (“RSUs”), each representing the right

to receive one Ferrari common share. The long-term equity incentive plans are based, among other factors, on an ESG-related

Factor Goal which accounts for 20 percent of the total LTI performance.

The ESG-related Factor Goal focuses on an Environment Factor and a Social Factor:

– 50 percent of it is based on the Reduction CO2 Carbon Emission following the milestones of the Ferrari’s

sustainability plan – Rolling KPI until 2030: for the intermediate years leading up to 2030, the amount of the

incentive attributed to this KPI will be assessed based on targets calculated through a year-by-year reduction

proportional to product development up to 2030. This methodical approach ensures a progression towards the final

targets established for the year 2030, allowing for a consistent and measurable tracking of the CO2 emission

reduction efforts in alignment with Ferrari’s long-term sustainability objectives.

– 50 percent of it is based on the maintenance of the Equal Salary certification or equivalent certification. The award

of this certification is based not only on equal pay for men and women, but in a more extensive way on targets of

continuous improvement of diversity and inclusion culture and inclusive environment.

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	2024
Percentage of variable remuneration dependent on sustainability- related targets and (or) impacts (“Premio di Competitività”)	30.4%
Percentage of variable remuneration dependent on sustainability- related targets and (or) impacts (Long-term Incentive)	12.3%

For further information please refer to “Remuneration of Directors”.

Statement on due diligence

The table below provides a mapping of the information related to the due diligence process.


CORE ELEMENTS OF DUE DILIGENCE	PARAGRAPHS IN THE SUSTAINABILITY STATEMENT
a) Embedding due diligence in governance, strategy and business model	ESRS 2 - General disclosures \| Governance, Our Decision-Making Process ESRS 2 - General disclosures \| Integration of sustainability-related performance in incentive scheme ESRS 2 - General disclosures \| Impact, risks and opportunities, Double materiality assessment methodology
b) Engaging with affected stakeholders in all key steps of the due diligence	ESRS 2 - General Disclosure \| Interests and views of stakeholders, Double materiality assessment methodology ESRS 2 - General Disclosure \| Double materiality assessment methodology S1 - Own workforce \| Stakeholder Engagement S2 - Workers in the value chain \| Stakeholder Engagement S4 - Consumers and End-users \| Stakeholders Engagement
c) Identifying and assessing adverse impacts	ESRS 2 - General disclosures \| Impacts, risks and opportunities management ESRS 2 - General disclosures \| Impacts, risks and opportunities, Double materiality assessment methodology

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d) Taking actions to address those adverse impacts	E1 - Climate change \| Our Strategy to Reach Carbon Neutrality by 2030, Efficient energy use E2 - Pollution \| Our actions and targets E5 - Resource use and circular economy \| Our actions S1 - Own workforce \| Talent attraction, retention and development \| Talent Recruitment and Employee Retention, Our actions S1 - Own workforce \| Diversity and Inclusion \| Our actions S1 - Own workforce Health, Safety and well-being \| Health and Safety \| Our actions S1 - Own workforce Health, Safety and well-being \| Welfare and Working Environment \| Our actions S1 - Own workforce \| Diversity and Inclusion, Our actions S1 - Own workforce \| Data Responsibility, Privacy and Cybersecurity, Our actions S2 - Workers in the value chain \| Workers in the value Chain, Our actions S4 - Consumers and End-users \| Vehicle quality and safety, Our targets and actions S4 - Consumers and End-users \| Ethics and business conduct - Transparent Information, Our targets and actions S4 - Consumers and End-users \| Data Responsibility, Privacy and Cybersecurity, Our targets and action S4 - Consumers and End-users \| Stakeholders Engagement
e) Tracking the effectiveness of these efforts and communicating	E1 - Climate change \| Our targets, Efficient energy use, Our GHG Emissions, GHG removals and GHG mitigation projects financed through carbon credits E2 - Pollution \| Our actions and targets, Our metrics E5 - Resource use and circular economy \| Our targets, Resource Inflows, Resource Outflows S1 - Own workforce \| Diversity and Inclusion \| Our actions, our targets S1 - Own workforce \| Health, Safety and well-being, Our metrics S1 - Own workforce \| Training and Talent Development, Our metrics S1 - Own workforce \| Talent Recruitment and Employee Retention, Our actions, our targets S2 - Workers in the value chain \| Workers in the value chain, Our metrics and targets

Due diligence is an on-going practice that responds to and may trigger changes in the company’s strategy, business

model, activities, business relationships, operating, sourcing and selling contexts. The actions described in the paragraphs

referenced in the table above are the starting point of a structured ESG due diligence activity, which will be extended to all

suppliers in the coming years.

Risk management and internal controls over sustainability reporting

The sustainability reporting process is subject to internal controls that are based on risk assessment. In particular, the

internal control system focuses on a set of disclosures identified as “high-priority” KPI, determined based on a list of selected

parameters, such as feasibility, complexity, potential reputational and reporting risks. The high priority KPIs are included in a

“risk control matrix”, where controls are formalized and tracked.

The internal control system has been defined following the guidelines of the Internal Control over Sustainability

Reporting (ICSR) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and based on

the COSO Internal Control-Integrated Framework (ICIF). For the set of selected KPIs, the entire data flow is mapped from

primary data collection to consolidation and final validation, clearly defining roles and responsibilities. To mitigate the most

relevant risks resulting from those selected KPIs, the Group has implemented an internal control process to ensure data

consistency and accuracy. The nature and frequency of the controls varies based on the risks associated with each KPI.

Depending on the control to be performed, different tools are used, including internal files specifically designed to support

the control and various software.

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The main risks identified involve potential misstatements due to data elaboration or consolidation from primary

sources.

In the relation to the data points considered as “high priority”, the risks identified are:

• Potential misstatements due to incorrect manual data entry, in relation to data referred to Energy, Waste, F-gas,

Emissions, and Social areas;

• Potential misstatements due to incomplete data (in relation to the same areas of reporting as above);

• Potential misstatements due to incoherent or wrongly measured data (Energy, Waste, F-gas and Social);

• Potential misstatements due to incorrect data extraction from IT systems (in relation to the same areas of reporting as

above);

• Potential misstatements due to errors in calculations, in particular for GHG data and social data;

• Potential misstatements due to wrong selection of conversion factors for calculations (Energy and GHG emissions).

As mitigation strategies, envisaged controls (also at entity level) can be either preventive or detective, depending on

whether they are aimed at finding potential misstatements (detective) or rather avoid them (preventive). In relation to these

mitigation strategies, a monitoring plan was introduced at the end of 2024 to prospectively test the adequacy of the design

and the effectiveness of the controls in place to mitigate and reduce the identified risks.

The risk assessment performed during 2024 for the definition of the “high-priority” KPIs will be updated in order to

progressively include disclosures contained in the sustainability statement in the internal control framework. The Group

Internal Control and Sox Compliance Function is responsible for the risks mitigation and related findings, and they

periodically report updates and potential findings to the relevant management and supervisory bodies, in particular the FLT

and the Audit Committee respectively.

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Strategy

Ferrari is one of the world’s leading luxury brands, encompassing racing, sports cars and lifestyle. In each of these

three souls, the Prancing Horse is a symbol of exclusivity, innovation and cutting-edge performance.

Our strategy focuses on maintaining our leading position in the luxury performance sports car market, while

enhancing and protecting the value and exclusivity of the Ferrari brand.

We aim to achieve profitable growth by pursuing the following strategies:

• Low volumes and controlled growth

• Regular new model introductions and enhancements

• Pursue excellence in racing

• Controlled growth in adjacent luxury and lifestyle categories

We will continue focusing our efforts on protecting and enhancing the value of our brand to preserve our strong

financial profile and fuel long term growth in existing and emerging markets, while expanding the Ferrari brand to carefully

selected lifestyle categories.

For additional information about the Ferrari Strategy, please refer to the “Overview” paragraph.

Our dedication to excellence and our pursuit of innovation, cutting-edge performance, and distinction in design and

engineering in our luxury cars are intrinsically linked to our commitment to integrity, transparency, and responsibility in

every aspect of our business operations.

By fully integrating environmental and social considerations with economic objectives we are able to identify

potential risks and capitalize on additional opportunities, resulting in a process of continuous improvement. Sustainability is a

core element of our governance model and executive management plays a direct and active role in developing and achieving

our sustainability objectives under the direction of our Board of Directors. As a clear demonstration of this commitment, we

have strengthened the integration of environmental topics in our strategic plan by presenting, in June 2022, a decarbonization

strategy that will help us reach Carbon Neutrality by 2030. Please refer to “E1—Climate change—Our Strategy to Reach

Carbon Neutrality by 2030”.

Our Carbon Neutrality journey is only a step, we also aim to guarantee a just transition, able to secure workers’

rights and livelihoods when economies are shifting to low-carbon production. We focus on ensuring continuous progress

across all training domains to maintain know-how continuity and strengthen employee skills, aligned with our ambitions for

the future. The foundation of a responsible company rests on being fully attentive to the nature and extent of this

interconnection and on the understanding of both the potential effects of its activities and how those effects can be mitigated

through responsible management.

We take in high consideration the interests and views of our stakeholders, especially clients, investors and regulators

whose guidance can help us adopt the best strategic drivers.

To ensure tangible long-term value creation and a continuing integration of our sustainability strategy, we place

particular emphasis on five pillars:

Exceeding expectations - Drive technological innovation while pursuing excellence in design and craftsmanship to

fuel the passion of our clients and enthusiasts.

Being the employer of choice - Provide an inclusive, educational, and inspiring work environment to unleash

everyone’s passion, creativity and talent.

Proactively fostering best practice governance - Maintain Ferrari’s corporate governance and risk management

systems aligned with best practices to ensure an ethical business conduct while providing superior and sustainable returns to

our shareholders.

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Reducing our environmental footprint - Increase our environmental awareness to continuously set and implement

related programs and actions.

Creating and sharing value with the community - Encourage strategic partnerships and the creation of positive

externalities for all stakeholders.

The connection between Ferrari Sustainability Strategy Material topics, relevant United Nations SDGs and Ferrari

sustainability pillars is disclosed in the table below:


Sustainability Pillars	Aspiration	Relevant United Nations SDGs	Most relevant chapters of this Sustainability Statement	Ferrari material topics
Exceeding expectations	Drive technological innovation while pursuing excellence in design and craftsmanship to fuel the passion of our clients and enthusiasts.		S4-Consumers and end- users	Quality and safety
Reducing our environmental footprint	Increase our environmental awareness to continuously set and implement related programs and actions.		E1-Climate change	Climate change
			E2-Pollution	Natural resources management
			E5-Resource use and circular economy	Circular economy
Being the employer of choice	Provide an inclusive, educational, and inspiring work environment to unleash everyone’s passion, creativity and talent.		S1-Own workforce	Talent attraction, retention and development
			S1-Own workforce	Health, safety and well- being
			S1-Own workforce	Diversity and inclusion
Creating and sharing value with the community	Encourage strategic partnerships and the creation of positive externalities for all stakeholders.		S3-Affected communities	Responsibility towards the community and future generations
Proactively fostering best practice governance	Maintain Ferrari’s corporate governance and risk management systems aligned with best practices to ensure an ethical business conduct while providing superior and sustainable returns to our shareholders.		G1-Business Conduct / S4-Consumers and end- users	Ethics and Business Conduct
			S1-Own workforce S2-Workers in the value chain	Human rights
			S1-Own workforce S4-Consumers and end- users	Data responsibility, privacy and cybersecurity

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The above-mentioned material topics have been linked to the Sustainable Development Goals (SDGs) that are

impacted by our business. Each material topic is analyzed in the subsequent chapters and includes a qualitative description of

the management approach and, where available, selected performance indicators.

Human capital is a crucial factor in our success, building on our position as a global leader in the luxury

performance car sector and creating long-term sustainable value. On December 31, 2024, we had a total of 5,435 employees,

including 170 managers and senior managers. Of these employees, 5,088 were based in Italy (primarily at our Maranello

facility) and 347 were based in offices around the world (including 24 managers and senior managers), mostly in North

America and China.


	December 31,
	2024	2023	2022
White-collar employees and middle-managers	2,769	2,568	2,441
Italy	2,458	2,282	2,163
Rest of the world	311	286	278
Blue-collar employees	2,496	2,259	2,326
Italy	2,488	2,250	2,317
Rest of the world	8	9	9
Managers and senior managers	170	161	152
Total	5,435	4,988	4,919

No Ferrari product or service is banned in any market.

As long as the sector specific ESRS are not available, Ferrari will not be able to disclose the breakdown of total

revenue by significant ESRS sector.

Our Business Model

Ferrari is a one segment company, its business model is composed of three dimensions: Sports Cars, Racing and

Lifestyle. Each one corresponds to a group of products connected with material actual impacts or material potential negative

impacts. In particular, in 2024, only the Lifestyle dimension did not account for more than 10 percent of Ferrari’s revenues.

Our sports cars concur to reach our Carbon Neutrality aspiration and our commercial strategy lays on the following

product strategy: Different Ferrari for different Ferraristi and different Ferrari for different moments. This ensures maximum

flexibility for our clients, hence to date, Ferrari has not identified specific customer categories with particular requirements.

Our vehicles are designed in compliance with the regulatory standards of the market for which it is intended, ensuring

alignment with local requirements. For more information regarding our Carbon Neutrality strategy please refer to “E1—

Climate change—Our Strategy to Reach Carbon Neutrality by 2030”.

Below is the representation of the main features of Ferrari’s upstream and downstream value chain, and Ferrari’s

position within it. Additionally, to provide a comprehensive understanding of our operations we describe our inputs, outputs

and outcomes.

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Financial capital represents how Ferrari can generate value for its shareholders and ensure the proper functioning of

its operations, as well as the generation and distribution of value over time to all stakeholders.

Intellectual capital is an intangible resource through which the Company generates expertise and innovative

solutions essential for the development of its business. It also includes the level of technological infrastructure that

characterizes organizational and operational processes, as well as the ways in which internal and external expertise is

leveraged to drive innovation. Ferrari ensures and protects its intellectual property through constant investments in its

research and technological development sector, covering processes, products, and design.

The inputs related to the human factor consist of the characteristics and size of the workforce, as well as its

managerial, technical, and engineering skills, which are ensured through the human resources department. This function is

formalized through policies and actions aimed at fostering training, talent development, health and safety, engagement, and

welfare. For a detailed description of these activities, refer to the paragraphs in the “S1—Own workforce” section.

The inputs related to the infrastructural factor encompass all forms of physical capital that enable Ferrari to carry out

its activities and define its operational capacity. This includes physical assets (buildings and production machinery,

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warehouses, circuits, hardware & software, etc.), which are directly managed by the company through dedicated departments

such as the Technologies and Infrastructures department. Ferrari has established policies and well-defined practices to

monitor the utilization and maintenance status of its infrastructural assets, ensuring timely interventions and their alignment

with Ferrari’s business needs.

The inputs related to the social-relational factor concern the characteristics and quality of the relational dynamics

established and maintained by Ferrari with stakeholders at all levels, such as relationships with government authorities and

institutions, strategic partners in its supply chain, dealer networks, universities & schools, customer satisfaction and

engagement, investors. These relationships are developed, maintained, and ensured through the structuring of dedicated

internal departments and by the policies, practices, actions, and ad-hoc initiatives carried out with the stakeholders. For a

detailed description of these activities, refer to the paragraphs in the S2, S3, S4 e G1 sections.

The inputs related to natural capital are the set of energy and natural resources, as well as raw materials (e.g. steel,

aluminum and conflict minerals) and components (e.g. transmissions and brakes) essential for Ferrari’s production activities.

These inputs are sourced through a robust and strategic network of partnerships with key suppliers. The procurement process

is managed by Purchasing & Quality department responsible for sourcing, research and selection of suppliers, driven by the

specific needs and requirements of operational departments.

The output is represented by the products sold and the services provided by Ferrari to its clients in each dimension.

For Sports Cars we refer to current models (Range models, Special Series, Icona, One - Off and Supercar) and Classiche, as

well as client events, experience and services. For Racing Activities, we refer to Formula 1, Endurance competitions, Esports

and Ferrari Driving Academy. Lifestyle includes Personal Luxury Goods, Collectibles and Experience.

The outcome corresponds to the systemic impact generated on its stakeholders, including shareholders, in terms of

economic value creation (revenues and profitability as well as shareholders’ reward through dividends and share

repurchases), technologies and innovation for the automotive sector and racing, economic and employment benefits for the

local area and the affected communities, experience, know-how and talent development for its employees, driving

performance, design and exclusivity for its clients. Finally, within actual externalities, GHG emission, waste and scraps

represent the main negative consequences of Ferrari activities.

For a better understanding of Ferrari’s value chain, please refer to “Overview of Our Business” chapter.

Sports Cars

Within our sports car line-up, our offer comprises four main pillars: Range, Special Series, Icona and Supercar. Our

current product portfolio includes seven Range models, three Special Series models, one limited edition Icona model and one

Supercar model. We also produce limited edition One-Off cars from time to time. In 2024, we launched three new models:

12Cilindri, 12Cilindri Spider, and F80.

Our diversified product offering may include different architectures, engine sizes, technologies, body styles and

seats.

We target end clients seeking high performance cars with distinctive design, state-of-the-art technology and

outstanding driving dynamics to maximize driving emotions. Our broad product portfolio is designed to fulfill the strategy of

“different Ferrari for different Ferraristi, different Ferrari for different moments”, which means being able to offer a highly

differentiated product line-up that can meet the varying needs of current and new customer segments (in terms of sportiness,

comfort, on-board space and design, amongst others) and that can allow our existing clients to use a Ferrari in various

moments of their lives.

We believe that our clients can be divided into two main categories: on the one hand, the “Sports Car Driver”, a

client looking for an elegant and understated design, who likes driving cars in a variety of locations and conditions, alone or

with passengers, and who uses Ferrari for longer journeys; on the other hand, the “Pilot”, a client looking for a high

performing and extreme sports car, who intends to drive cars on track and on challenging roads, and who is looking for an

exciting driving experience.

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We are actively engaged in after sales activities driven, among other things, by the objective of preserving and

extending the market value of the cars we sell. We believe our cars’ performance in terms of value preservation after a period

of ownership significantly exceeds that of any other brand in the luxury car segment.

In addition, we offer retail client financing for the purchase of our cars through the operations of Ferrari Financial

Services (“FFS”) in all our markets. Through FFS, we offer a range of flexible, bespoke financial and ancillary services to

clients (both current and new) interested in purchasing a wide range of cars, from our current product range to older pre-

owned and classic models. FFS also provides special financing arrangements to a selected group of our most valuable and

loyal customers.

Our markets are clustered into: (i) Europe, Middle East and Africa (“EMEA”), (ii) Americas, (iii) Mainland China,

Hong Kong and Taiwan and (iv) Rest of Asia-Pacific (“APAC”), which represented respectively 45.1 percent, 29.1 percent.

8.4 percent and 17.3 percent of unit shipped in 2024. For more details, please refer to “Overview of Our Business—Sports

Car Line-Up” paragraph.

For additional information about our products, services and markets please refer to “Overview of Our Business—

Sports Car Line-Up” paragraph.

Racing

Participation in the FIA Formula 1 World Championship with Scuderia Ferrari and in the World Endurance

Championship with the Ferrari Endurance Team is a core element of our marketing effort and promotional activities, as well

as an important source of innovation for the support of the technological advancement of Ferrari’s product portfolio. We also

compete in the F1 Esports Championship with the Scuderia Ferrari Esports Team and we own the Mugello racing circuit in

Scarperia, near Florence, which we rent to racing events organizers. Each of these items is further discussed below.

For additional information about our products, services and markets please refer to “Overview of Our Business—

Racing” paragraph.

Lifestyle

The role of Ferrari lifestyle is to foster growth by broadening our customers’ base and expanding our value

proposition beyond our core business, while preserving our brand’s DNA, its heritage and values.

The goal and mission of our lifestyle strategy is to bring to life a universe that encapsulates Ferrari’s DNA while

accompanying our clients through different stages and moments of their lives.

Over the past years, to strengthen brand desirability, Ferrari entered into the personal luxury goods segment, a

critical segment to broaden our client base, amplifying cultural relevance for the brand especially for future generations. We

also launched our clothing and apparel collection through dedicated fashion shows. We created a new organizational

structure, formed by a dedicated and talented team with fashion and luxury expertise based in Milan and working closely with

our team in Maranello. We rationalized our licenses by terminating approximately half of our license agreements where the

product offering and distribution was not consistent with the positioning of the Ferrari brand. We completed the

rationalization of the retail network by closing 7 franchised stores and 4 directly operated stores considered unsuitable for

Ferrari’s luxury positioning. We have since relocated and restyled our existing flagship boutiques and opened 3 new ones in

the United States. Our international network of Ferrari Stores consisted of 15 Ferrari-owned directly operated stores and 2

franchised stores as of December 31, 2024.

Ferrari Lifestyle has three pillars: Personal Luxury Goods, Collectibles and Experience. The Personal Luxury Goods

pillar is dedicated to our own refined collection – accessories, apparel and selected merchandising – embodying the style,

creativity and quality that we stand for, balancing exclusiveness and inclusiveness through a carefully combined mix of

product categories. Importantly, we will continue to strengthen partnerships with selected licensees, which will allow us to

play in complementary territories/categories while being loyal to our brand’s DNA and positioning.

The Collectibles pillar is built on the concept of collectability by enlarging and customizing the portfolio of available

Ferrari tokens and the offer of Ferrari branded products such as high-end watches and high-end writing instruments,

consumer electronics, sportswear, toys, leading video games, and other accessories.

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Finally, the third pillar is Experience, through which we intend to nurture our heritage and celebrate our

craftsmanship through dedicated and tailor-made experiences. We capture the essence of the Ferrari spirit by immersing

customers in the racing history, passion and values of Ferrari, through our Ferrari museums in Modena and Maranello (which

attracted more than 850,000 visitors in 2024), Il Cavallino restaurant in Maranello and our theme parks in Abu Dhabi and

Spain.

For additional information about our products, services and markets please refer to “Overview of Our Business—

Lifestyle” paragraph.

Interests and views of stakeholders

We believe it is important to develop forms of communication and collaboration with both our internal and external

stakeholders that allow us to understand their needs, interests, and expectations.

Our approach to engaging stakeholders aims for honest, clear, and effective communication and consultation, based

on constant dialog. Fully understanding the needs and perspectives of our stakeholders is a fundamental part of the value

generation process (business model) and the definition of our strategy which we continuously strive to promote both inside

and outside our organization.

We believe that this approach is a key element of sustainable and lasting growth, with a view to conciliate interests

and expectations.

With this in mind, over the years we set an ongoing process of stakeholder engagement carrying out initiatives with

different levels of interaction and methods of involvement.

Our Stakeholder Engagement Practice, inspired by the values and principles of the Code of Conduct, seeks to give

all directors, managers and employees of Ferrari, and anyone else working for it or on its behalf, guidelines on the right

methods and forms of interaction with different stakeholders.

In line with the Stakeholder Engagement Practice, in 2024 we carried out specific activities to enhance the voice of

our stakeholders on sustainability topics.

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These engagement activities are an important part of the sustainability approach that helps us identify potential

updates in our sustainability impact areas, risks and opportunities, as well as support management in achieving the

Company’s objectives.

For that reason, according to the Stakeholder Engagement Practice, the results are analyzed to come up with suitable

action plans to constantly improve company performance, on the basis of expectations of primary interest to its stakeholders.

To this end, Ferrari ensures that the results are documented and communicated appropriately inside and outside of

the Company, in part to respond to the points of focus raised in interactions with stakeholders.

Regarding the engagement by the Board and/or any of its members, the Chairman of the Board shall ensure that the

Board is informed at the first appropriate meeting about the developments and significant contents of the engagement that has

taken place with the stakeholders.

Stakeholder Dialogue


Stakeholders	Areas of interest	Communication methods
ENTHUSIASTS AND BRAND LOVERS	• Racing • Sports Cars • “Ferrari classiche” • Brand Value • Innovation • Lifestyle	› Motorsport events › Sports cars unveilings › Advertising › Earned media, website, social media
FERRARISTI	• Image and brand reputation • Clients satisfaction • Product technology, design quality and safety • Privacy and security • “Ferrari classiche”	› Client relations: client and driving events › Client satisfaction survey › Media, website, social media
BUSINESS AND LICENSING PARTNERS	• Image and brand reputation • Continuity of the service • Contract terms and conditions • Financial soundness	› Meetings › Website
GOVERNMENT, REGULATORS AND SPORTS INSTITUTIONS	• Compliance with the law • Sport fair play	› Dialogs concerning new regulations and available technologies › Racing › Annual Report › Website
EMPLOYEES AND TRADE UNIONS	• Motivation and development • Work-life balance • Welfare • Health, safety and well-being • Equal opportunities • Industrial relations • Ethical business conduct	› Induction for new employees and training programs › Internal initiatives › Meetings with Top Management › Collective bargaining agreements › Participation in management-worker health and safety committees › Website, social media
SPONSORS	• Racing • Image and brand reputation	› Racing › Website, social media
COMMUNITY AND UNIVERSITIES	• Support local initiatives • Employment support	› Partnerships with universities › Meeting and local events › Website, social media › Sustainability workshops
MEDIA AND INFLUENCERS	• Transparency • Racing • Image and brand reputation • Product technology, design quality and safety	› Racing › Press releases › Website, social media › Communication with journalists › New model/technology launch events

8 Suppliers do not include engagement of workers in the value chain.

9 Dealers do not include engagement of workers in the value chain.

10 We identify our clients as Ferraristi.

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SUPPLIERS 8	• Continuity of the service • Supplier risk assessment • Contract terms and conditions	› Website › Meeting › Contractual documents
FINANCIAL COMMUNITY AND SHAREHOLDERS	• Market transparency • Financial soundness • Economic performance • Corporate governance	› Financial earnings › Investor conference › Roadshow › Website
DEALERS 9	• Image and brand reputation • Transparency • Motivation and development	› Communication with Management › Convention › Training courses › Website

As explained in the “ESRS 2—General disclosures—Strategy” paragraph, in order to define our strategy and our

business model, particularly clients, investors and institutions views are taken into account.

We support our brand value by promoting a strong connection with the Ferrari community: our enthusiasts and

brand lovers and Ferraristi 10. We focus on strengthening this connection by rewarding our most loyal clients through a range

of initiatives. In addition, we are able to collect their opinions and trends through our satisfaction surveys and other activities.

For information about the organization and the purpose of the surveys, as well as how the outcomes are taken into account by

Ferrari, please refer to “S4—Consumers and End-user—Stakeholder Engagement”.

In our strategy, we also take into consideration the regulatory situation on sustainability matters that affect our

business. For that reason, in our Scenario Analysis which includes transitional risks, we analyzed, for each country in which

Ferrari operates through points of sale, the regulatory situation concerning the ICE powertrain. In this respect, we do not

pursue direct dialogue with national and international institutions, nor with other regulatory bodies. However, we are part of

ACEA (European Automobile Manufacturers’ Association) and other associations that represent the interests of vehicles

manufacturers.

On the other hand, as far as local institutions are concerned, we have a direct dialogue, especially with the

administrations of the municipalities of Maranello and Fiorano, regarding activities for the local communities and regarding

administrative fulfillments.

We rely on a significant number of suppliers who play an important part in the success of the Group. For the

sourcing of certain key components with high technological specifications, we have developed strong synergistic

relationships with some of our suppliers, which are considered “key strategic innovation partners”. We continue to invest

significantly to minimize our environmental impact. Our vehicles must comply with extensive regional, national, and local

laws and regulations, as well as industry self-regulations (including those that regulate vehicle safety).

The high attention and care towards our products are the foundation upon which our success is built, and this is

achieved thanks to the efforts of our employees.

We are a dual-listed Company, therefore, the financial discipline, enhanced through the relationship with the

financial community and shareholders, further supports the Company in pursuing its business targets.

Furthermore, we collaborate with universities and high schools to provide scholarships to talented students. In 2024,

we engaged with our employees, participants of both “Scuola dei Mestieri” and “Scuola delle Professioni”, and MUNER

students through face-to-face workshops that had a dual purpose: to further communicate the importance of sustainability and

explain what it stands for within Ferrari, and to collect their priorities and suggestions.

Finally, we regularly engage with our investors to better understand what they consider to be the main ESG drivers

for Ferrari, as well as participate every year in a variety of ESG questionnaires such as the S&P Global Corporate

Sustainability Assessment (CSA), ranking in the top quartile of our industry in the last assessment, the CDP Climate Change

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and CDP Water questionnaires, obtaining a “A-” and “B” rating respectively in 2024. All these activities allowed us to

further strengthen our materiality analysis.

In 2024, no amendments to Ferrari strategy and business model occurred.

The sustainability statement may not include every impact, risk and opportunity or additional entity-specific

disclosure that each individual stakeholder (group) may consider important in its own particular assessment. For more

information about the engagement of stakeholder in the process of double materiality please see paragraph “Double

materiality assessment methodology”.

11 “EFRAG IG 1: Materiality assessment implementation guidance”.

12 For the fiscal year 2023, the Non-financial statement was implemented on the basis of the GRI Standards.

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Impacts, risks and opportunities management

The materiality analysis is the process of identifying the topics that are relevant for the Group, these are based on an

assessment of impacts, risks and opportunities.

In 2024, we conducted the double materiality analysis according to the requirements of the European Sustainability

Reporting Standard and the related guidelines 11. We re-assess our sustainability matters annually, based on regulatory

developments, business developments and stakeholder engagement 12 . We updated the analysis of the most relevant

sustainability topics (materiality analysis) for the Group and our stakeholders, to better reflect the sustainability context

developments, the changes in our drivers and goals, as well as our 2022-2026 Strategic Plan and sustainability strategy.

The table below, for comparative purposes, shows the link between ESRS topics and Ferrari’s material topics.


ESRS Topic	Sub Topic	Sub-sub topic	Ferrari material topics
Climate change	Climate Change Mitigation Energy	-	Climate change
Pollution	Substances of concern Substances of very high concern	-	Natural resources management
Resource use and circular economy	Waste Resources inflows, including resource use Resource outflows related to products and services	-	Circular economy
Own workforce	Working conditions	Work-life balance Health and safety	Health, safety and well-being
Own workforce	Equal treatment and opportunities for all	Employment and inclusion of persons with disabilities Employment and inclusion of persons with disabilities Diversity	Diversity & Inclusion
Own workforce	Other work-related rights	Privacy	Data responsibility, privacy and cybersecurity
Own workforce	Working conditions Equal treatment and opportunities for all	Secure employment Working time Adequate wages Training and skills development	Talent attraction, retention and development
Own workforce	Equal treatment and opportunities for all	Training and skills development	Talent attraction, retention and development
Workers in the value chain	Equal treatment and opportunities for all	Gender equality and equal pay for work of equal value The employment and inclusion of persons with disabilities Measures against violence and harassment in the workplace Diversity	Diversity & Inclusion
Workers in the value chain	Other work-related rights	Child labor Forced labor	Human Rights
Affected communities	Communities’ economic, social and cultural rights	N/A	Responsibility towards the community and future generations
Consumers and/or end-users	Information-related impacts for consumers and/or end-users	Privacy	Data responsibility, privacy and cybersecurity
Consumers and/or end-users	Personal safety of consumers and/or end-users	Health and safety Security of a person	Quality & safety

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Consumers and/or end-users	Information-related impacts for consumers and/or end-users Social inclusion of consumers and/or end-users	Access to quality information Responsible marketing practices	Ethics and business conduct
Business conduct	Corporate culture Protection of whistle-blowers Corruption and bribery	Prevention and detection training	Ethics and business conduct
Business conduct	Management of relationships with suppliers including payment practices	-	Ethics and business conduct

For the complete list and description of relevant impacts, risks and opportunities and the Double materiality

methodology please refer to the table present in the “ESRS 2—General disclosures—Double materiality assessment

methodology” section.

Compared to the list of material topics published in 2023, the topics “Product, technology, quality, design and

safety” has changed into “Quality and Safety”, the topic “Ethics and human rights” has been divided into “Human Rights”

and “Ethics and Business Conduct”. This is due to the rationalization of the material topics according to the new

methodology applied in line with the list of topics, sub-topics and sub-sub-topics into the ESRS. The topic “Supply chain

responsible management” has been deleted since all value chain-related IROs have been included into the specific topics they

refer to. The topic “Natural resources management and biodiversity” has become “Natural resources management” since

biodiversity matters have emerged as not relevant. “Raw materials and circular economy” has changed to “Circular

Economy”.

Double materiality assessment methodology

To determine the disclosures in our Sustainability Statement, we followed a Double materiality assessment process

with four main steps:

1. Analysis of the internal and external context

2. Identification of potential sustainability impacts, risks and opportunities

3. Impacts, risks and opportunity evaluation

4. Validation of the impacts, risks and opportunities

The process to identify risks and to assess which are material is integrated in the Risk Management system (ERM).

In particular, sustainability-related risks are identified through a specific classification. For further information see “Risk

Management Process and Internal Control System”.

1. Analysis of the internal and external context

We have analyzed Ferrari’s strategy, targets and ambitions in the field of sustainability. This was followed by a

benchmarking analysis that provided us an overview of potential sustainability matters. Additionally, we analyzed risks

relevant to the Group in the ESG-related areas and internal policies in the field of sustainability, considering Ferrari’s three

dimensions and their value chains considering all our business relationships and geographies. The external context analysis

included the identification of our key stakeholders (see “ESRS 2—General disclosures—Strategy—Interests and views of

stakeholders”), the mapping of Ferrari business relationship and upstream and downstream value chain (see “S2—Workers in

the value chain”).

2. Identification of impacts, risks and opportunities

Within this stage, we started from a deeper analysis of the ESRS list of topics, sub-topic and sub-sub topics.

According to the results of the context analysis and the previous GRI-aligned materiality assessments, we identified the

impacts and opportunities potentially applicable to Ferrari. Specific impacts have been identified considering the positive or

negative, actual or potential effects of Ferrari on different stakeholders and the environment, including impacts on human

rights, across our activities and business relationships in the value chain. Moreover, we integrated the potential risks

identified inside the ERM system.

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During the identification of risks and opportunities, dependencies and external impacts have been considered,

particularly the risks and opportunities arising from the impacts and dependencies’ assessment.

3. Impacts, risks and opportunity evaluation

In this phase, we defined the criteria and scales to assess the IROs. In particular, we assessed our impact (inside-out

perspective) taking into account their severity and likelihood. The severity was assessed using 1 (small) to 5 (extreme)

scoring, considering scale, scope and for negative impact irremediability. The likelihood was assessed using 1 (unlikely) to 5

(very likely) scoring. Both negative and positive impacts were evaluated gross (before any mitigating actions). For the

financial materiality analysis (outside-in perspective), risks were assessed according to the ERM methodology involving

residual evaluation by severity and likelihood. Whereas opportunities were assessed according to criteria and metrics defined

on the basis of the ERM methodology, considering residual evaluation by severity and likelihood. For risks, three variables

(likelihood, impact and preparedness) are assessed independently on the basis of company metrics; these elements are then

multiplied and the product obtained through this operation, defined overall risk exposure, is the input for placing risks on a

heat map that has four different risk areas (Tier 1, Tier 2, Watching Area, Residual Area). The severity was assessed using 1

(very low) to 5 (very high) scoring, considering four different drivers of evaluation: strategic/market, economic/financial,

operational and reputational. Additionally, the final score of severity resulted also from considering the preparedness, which

is the degree of control, protection and readiness that Ferrari ensures thanks to the current actions, processes and levers, and

their effectiveness. The likelihood was assessed using 1 (very low) to 5 (very high) scoring considering three different

drivers: qualitative (uncertain contexts), quantitative (measurable contexts) and frequency (predictable contexts). During the

evaluation process we assessed each IROs within the most relevant time horizon, considering short, medium and long term as

described in ESRS 1 and considering the impact related both to our own operations and to our upstream and downstream

value chain.

In particular, the Sustainability function involved the Ferrari competent departments to evaluate each impact and

opportunity, through one-to-one interviews. The evaluation of sustainability related risks has been conducted through the

ERM assessment.

Moreover, the impact evaluation process has included consultation with our key stakeholders. Since 2018, Ferrari

engages with key stakeholders (clients, dealers, universities, schools and enthusiasts) to assess severity and likelihood of

impacts that are relevant for stakeholders and validate the impacts that have been assessed by Ferrari as material. In particular

in 2024, we carried out a stakeholder engagement with investors through a perception study and dedicated ESG meetings, as

well as with employees and MUNER students through in person workshops. The results were included into the Double

materiality assessment.

4. Validation of the impacts, risks and opportunities

The Sustainability function defined a quantitative threshold mechanism, based on the relevance assessment

previously performed. For both impacts and opportunities, the threshold has been set higher than 8 as a result of the product

between severity and likelihood (on a maximum of 25). To identify the risks that are relevant for the materiality assessment,

the threshold has been defined as to include all risks that are within the two highest levels of overall risks exposure (Tier 1,

Tier 2). This process enables us to identify the material IROs.

The Double materiality assessment was prepared under the supervision of Ferrari Group’s Chief Financial Officer

and the results were approved by the Executive Officers of the Group and by the Audit Committee of the Board of Directors.

Based on the materiality assessment, Ferrari has determined the Disclosure Requirements related to each material

IROs to be disclosed in this Statement in line with ESRS 1, AR 16 and EFRAG ID 177.

The table below presents the material impacts, risks and opportunities and their related topic, in the same order as

reported in ESRS 1, AR 16.

The material IROs reveal our strategic sustainability priorities and contribute to adapting our strategy as shown in

the columns “Sustainability strategy pillars” that identify how the impacts are connected to the Ferrari strategy. For more

details on our sustainability strategy pillars and how sustainability topics are connected see the table in “ESRS 2—General

disclosures—Strategy”.

13 All material negative impacts on social topics are related to individual incidents.

14 We consider as short-term time horizon within 1 year; for the medium-term time horizon between 1 and 5 years; and for the long-term time horizon

beyond 5 years.

15 For the composition of the value chain of Ferrari N.V. please refer to “ESRS 2 — General disclosures—Our Business Model” paragraph.

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ESRS	FERRAR I MATERI AL TOPICS	MAIN IMPACTS 2024 13	NAT URE	TIME HORIZ ON 14	PERIMETE R 15	SUSTAIN ABILITY STRATE GY PILLAR	BUSINES S DIMENSI ONS	TYPE OF INVOLVEM ENT	IMPACTED STAKEHOLD ER
E1	Climate change	Energy consumption (within the organization) and related Greenhouse gas emissions (Scope 1 / Scope 2) with negative impact on climate change and the community (e.g. Maranello)	Act/ Neg	Short term	Own operations	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities and directly linked through its business relationship	Own workforce Affected communities Workers in the value chain Consumers Environment
		Energy consumption and related GHG emissions for downstream activities (e.g. outbound logistics, vehicles usage and use of sold products) (Scope 3) with negative impact on climate change	Act/ Neg	Short term	Downstream	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Directly linked through its business relationship	Own workforce Affected communities Workers in the value chain Consumers Environment
		Energy consumption and related GHG emissions for upstream activities (e.g. raw material purchased and inbound logistics) (Scope 3) with negative impact on climate change	Act/ Neg	Short term	Upstream	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Directly linked through its business relationship	Own workforce Affected communities Workers in the value chain Consumers Environment
E2	Natural resources managem ent	Group’s contribution to pollution due to substances of concern and substances of very high concern	Pot/ Neg	Short term	Own operations	Reducing our environme ntal footprint	Sports Cars/ Lifestyle	Caused through group’s activities	Own workforce Affected communities Workers in the value chain Environment Consumers

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E5	Circular economy	Production of hazardous / non- hazardous waste by the organization	Act/ Neg	Short term	Own operations	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Own workforce Affected communities Environment
		Production of hazardous / non- hazardous waste by the supply chain	Act/ Neg	Short term	Upstream	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Directly linked through its business relationship	Affected communities Workers in the value chain Environment
		Promotion of circularity within the value chain to reduce the use of natural resources and waste produced by suppliers	Act/ Pos	Short term	Upstream	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Environment
		Reduction of waste thanks to the increase of durability, reparability and recyclability of spare parts (e.g. racing and sports cars) or products (e.g. lifestyle)	Pot/ Pos	Short term	Own operations	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Environment
S1	Talent attraction, retention and developm ent	Positive impacts on employees’ motivation and sense of belonging thanks to secure employment and working time, competitive remuneration, benefits, training opportunities and career development	Act/ Pos	Short term	Own operations	Being the employer of choice	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Own workforce Consumers
	Talent attraction, retention and developm ent	Loss of knowledge and key skills due to high turnover or low development with negative indirect impacts on stakeholders (e.g. customers)	Pot/ Neg	Mediu m term	Own operations	Being the employer of choice	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Own workforce Consumers
	Diversity and inclusion	Impacts on Ferrari’s employee’s satisfaction and engagement by promoting awareness and culture about diversity and inclusion	Act/ Pos	Short term	Own operations	Being the employer of choice	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Own workforce
	Health, safety and well- being	Work-life balance, attention to mental health with positive impacts on employees’ physical and mental well-being	Act/ Pos	Short term	Own operations	Being the employer of choice	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Own workforce

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S1		Work-related injuries (employees, workers whose work or workplace is controlled by Ferrari)	Pot/ Neg	Short term	Own operations	Being the employer of choice	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Own workforce
S1	Data responsibi lity, privacy and cybersecu rity	Willful and/or unintentional security breaches involving confidential business information, stakeholder privacy and losses of stakeholder data, for the detriment of stakeholders (employees)	Pot/ Neg	Short term	Own operations	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities and directly linked through its business relationship	Own workforce
S2	Diversity and inclusion	Incidents of discrimination (including gender discrimination in remuneration) and/or abuse along the value chain	Pot/ Neg	Short term	Upstream	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Directly linked through its business relationship	Workers in the value chain
S2	Human rights	Violation of human rights along the value chain (e.g. right to freedom of association and collective bargaining, child labor, forced or compulsory labor also related to conflict minerals) with impacts on human dignity	Pot/ Neg	Short term	Upstream	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Directly linked through its business relationship	Workers in the value chain
S3	Responsib ility towards the communit y and future generatio ns	Support community education through general and technical programs	Act/ Pos	Short term	Own operations	Creating and sharing value with the communit y	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Affected communities
S3		Impact on the community (e.g. Maranello) wealth thanks to the employment (e.g. job opportunities for local students, financial stability of employees)	Act/ Pos	Short term	Own operations	Creating and sharing value with the communit y	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Affected communities

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S4	Quality and Safety	Reduced level of vehicle safety and quality with consequent increased risks for clients	Pot/ Neg	Short term	Own operations	Exceeding expectatio ns	Sports Cars/ Racing	Caused through group’s activities	Consumers
	Ethics and Business Conduct	Reduced customer satisfaction/experience and limited customer choice in the event of lack of access to information or in the event of access to partial or misleading information	Pot/ Neg	Short term	Own operations	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Consumers
	Data responsibi lity, privacy and cybersecu rity	Willful and/or unintentional security breaches involving confidential business information, stakeholder privacy and losses of stakeholder data, for the detriment of stakeholders (clients)	Pot/ Neg	Short term	Own operations	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities and directly linked through its business relationship	Consumers
G1	Ethics and Business Conduct	Promote awareness and culture about ethics of Ferrari management, employees, business partners and other stakeholders, through specific tools (Whistleblowing channel) and training	Act/ Pos	Short term	Own operations	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Own workforce Affected communities Workers in the value chain
G1	Ethics and Business Conduct	Impacts on suppliers, especially SMEs, due to late payments on the contractual payment terms	Pot/ Neg	Mediu m term	Own operations	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Caused through group’s activities	Own workforce Affected communities Workers in the value chain

The column “Perimeter” identifies where the material impacts are concentrated in Ferrari’s own operations and

value chain, whereas, the column “Business dimensions” identifies where the material impacts are concentrated in Ferrari’s

business model.


ESRS	FERRARI MATERIAL TOPICS	MAIN RISKS 2024	SUSTAINABILITY STRATEGY PILLAR	BUSINESS DIMENSIONS	DEPENDENCIES
E1	Climate change	Fast paced and uncertain laws and technical regulations proliferation: Regulatory tightening on environmental (e.g., CO2 reduction), enhanced by societal pressures and uncertain in timing/type of future approval constraints (e.g., EU7 emissions, short lead time between disclosure of technical requirements and required date of compliance)	Reducing our environmental footprint	Sports Cars/Racing
E1	Climate change	Challenge in targeting Ferrari Carbon Footprint strategy related to Scope 3 Indirect Emissions with main focus on Upstream	Reducing our environmental footprint	Sports Cars/ Racing/Lifestyle	Energy consumption and related GHG emissions for upstream activities (e.g. raw material purchased and inbound logistics) (Scope 3) with negative impact on climate change

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S1	Talent attraction, retention and development	Usage of external resources that can have critical competence and know- how, and deal with strategic projects	Being the employer of choice	Sports Cars/ Racing/Lifestyle	Dependency on human resource
S1	Talent attraction, retention and development	Cybersecurity incidents deriving from successful external/internal cyber attacks (phishing, malware, ransomware, social engineering, etc.) on Ferrari or its Third Parties	Being the employer of choice	Sports Cars/ Racing/Lifestyle	Willful and/or unintentional security breaches involving confidential business information, stakeholder privacy and losses of stakeholder data, for the detriment of stakeholders (employee) Willful and/or unintentional security breaches involving confidential business information, stakeholder privacy and losses of stakeholder data, for the detriment of stakeholders (clients)
S4	Quality and Safety	Fast paced and uncertain laws and technical regulations proliferation: Regulatory tightening on safety (e.g., system, speed limits, autonomous drive / ADAS), noise (i.e., limits on dB emitted) and software update (e.g. R156), enhanced by societal pressures and uncertain in timing/type of future approval constraints (e.g., EU7 emissions, short lead time between disclosure of technical requirements and required date of compliance)	Exceeding expectations	Sports Cars/ Racing/Lifestyle
G1	Ethics and business conduct	Potential non-compliance with Anticorruption Laws requirements due to external context (e.g. regulatory requirements’ tightening, engaging with third-party vendors / agents with questionable integrity)	Proactively fostering best practice governance	Sports Cars/ Racing/Lifestyle


ESRS	FERRARI MATERIAL TOPICS	MAIN OPPORTUNITIES 2024	SUSTAINABILITY STRATEGY PILLAR	BUSINESS DIMENSIONS	DEPENDENCIES/ IMPACTS
E1	Climate change	Energy efficiency: Using renewable energy at a reduced cost plus investing in low carbon technologies that could result in lower carbon footprint, lower energy consumption and lower energy costs	Reducing our environmental footprint	Sports Cars/Racing	Dependency on natural resources
E5	Circular Economy	Circular economy manufacturing initiatives implemented: (1) use of recycled materials (2) recovery of production waste for recycling (3) projects aimed at ensuring an extension of product life	Reducing our environmental footprint	Sports Cars/Racing/ Lifestyle	Dependency on natural resources

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S1	Talent attraction, retention and development	Increased responsiveness to market challenges by re-skilling and up-skilling employees (e.g. for full-electric vehicles)	Being the employer of choice	Sports Cars/Racing/ Lifestyle	-
	Talent attraction, retention and development	Employee satisfaction & retention - The matter includes adequate wages, training and development of employees: attracting, retaining and developing the best talent through policies and practices related to employees as an opportunity for the company	Being the employer of choice	Sports Cars/Racing/ Lifestyle	Positive impacts on employees’ motivation and sense of belonging thanks to secure employment and working time, competitive remuneration, benefits, training opportunities and career development
	Diversity & Inclusion	Diversity of governing body/executive team - The capabilities and perspectives of board/executive team members are important for making robust decisions on an ongoing basis	Being the employer of choice	Sports Cars/Racing/ Lifestyle	Impacts on Ferrari’s employee's satisfaction and engagement by promoting awareness and culture about diversity and inclusion
S3	Responsibility towards the community and future generations	Improved reputation and acquisition of new skills/expertise through stronger relationships with local communities and wealth generation (e.g. collaboration with schools and universities, local job creation, support for small local businesses)	Creating and sharing value with community	Sports Cars/Racing/ Lifestyle	Support community education through general and technical programs

Material risks and opportunities are concentrated on Ferrari’s own operations. The columns “Business dimensions”

identify where in Ferrari’s business model the material risks and opportunities are concentrated. The columns “Sustainability

strategy pillars” identify how the impacts are connected to the Ferrari strategy.

The following environmental topics resulted as not relevant according to the double materiality assessment:

– Water Management (E3) has been evaluated as not relevant since water consumption in business as usual of

Ferrari operations is not significant. According to Directive 2000/60/CE and ARPAE screening, Ferrari sites are not located

in water risk areas. The Company has not carried out consultations with affected communities regarding water and marine

resource-related sustainability assessments.

– Biodiversity (E4) has been evaluated as not relevant since Ferrari sites are not located in or near

biodiversity-sensitive areas according to Directive 2009/147/EC of the European Parliament and of the Council on the

conservation of wild birds, to Council Directive 92/43/EEC on the conservation of natural habitats and of wild fauna and

flora, and Italian list of recognized Protected Areas state by the Italian law. For this reason, Ferrari has not identified and

assessed actual or potential impacts, dependencies, risks, or opportunities related to biodiversity and ecosystems across its

own site locations or its upstream and downstream value chain. Similarly, the Company has not identified or assessed its

dependencies on biodiversity and ecosystem services, including any potential disruptions, nor has it applied specific

assessment criteria in this regard. Ferrari has not conducted an evaluation of transition and physical risks and opportunities

related to biodiversity and ecosystems based on its impacts and dependencies, nor has it considered systemic risks associated

with these factors. Moreover, the Company has not carried out consultations with affected communities regarding

sustainability assessments of shared biological resources and ecosystems. In this context, Ferrari has not identified specific

sites, raw material production, or sourcing activities that may negatively impact biodiversity and ecosystems in relation to

affected communities, nor has it engaged affected communities in the materiality assessment where they could be impacted.

Additionally, the Company has not assessed the effects of its operations on ecosystem services relevant to affected

communities, nor has it defined measures to avoid negative impacts. Where impacts are unavoidable, no mitigation plans

have been established to maintain the value and functionality of priority services. Ferrari continues to monitor regulatory

developments and stakeholder expectations in this area and will evaluate the need for further assessments in the future.

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Information about the Scenario Analysis was performed taking into consideration climate-related risks and includes

consequences in terms of resilience of the strategy are available at “E1—Climate change—Climate Scenario Analysis”

paragraph. No other topic has been covered by a resilience analysis.

For the description of positive impacts, refer to “S1—Own workforce and S3—Affected communities” paragraphs.

No positive impacts emerged from the Double materiality assessment related to Workers in the value chain and Consumers

and End-user.

Considering the material risks and opportunities, we identified current financial effects only related to the risk ‘Fast

paced and uncertain laws and technical regulations proliferation’ resulting in provisions for approximately €22 million being

a portion of “Environmental and other risk” (see Note 23—Provisions of the Consolidated Financial Statement). We do not

have identified any significant risk of material adjustment within the next annual reporting period to the carrying amounts of

assets and liabilities reported in the related financial statements.

The double materiality assessment is an ongoing process that may be impacted in time by sector-specific standards

to be adopted or developments in stakeholder expectations, regulatory developments, changes in risk management or new

business developments.

Table appendix B


Disclosure Requirement and related data point	SFDR (1) reference	Pillar 3 (2) reference	Benchmark Regulation (3) reference	EU Climate Law (4) reference	Disclosure
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d)	Indicator number 13 of Table #1 of Annex 1		Commission Delegated Regulation (EU) 2020/1816(5), Annex II		ESRS 2 - General disclosures \| Governance, Diversity Policy
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e)			Delegated Regulation (EU) 2020/1816, Annex II		ESRS 2 - General disclosures \| Governance
ESRS 2 GOV-4 Statement on due diligence paragraph 30	Indicator number 10 Table #3 of Annex 1				ESRS 2 - General disclosures \| Governance \| Our Decision-Making Process, Statement on due diligence
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i	Indicators number 4 Table #1 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453(6)Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk	Delegated Regulation (EU) 2020/1816, Annex II		Ferrari is not active in fossil fuel, chemicals production, controversial weapons and in the cultivation and production of tobacco
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii	Indicator number 9 Table #2 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II		ESRS 2 - General disclosures \| Strategy

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ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii	Indicator number 14 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1818(7), Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II		ESRS 2 - General disclosures \| Strategy
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv			Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II		ESRS 2 - General disclosures \| Strategy
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14				Regulation (EU) 2021/1119, Article 2(1)	E1 - Climate Change \| Our Strategy to Reach Carbon Neutrality by 2030
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book- Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2		E1 - Climate Change \| Our Strategy to Reach Carbon Neutrality by 2030
ESRS E1-4 GHG emission reduction targets paragraph 34	Indicator number 4 Table #2 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 6		E1 - Climate change \| Our targets
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38	Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1				E1 - Climate change \| Efficient energy use
ESRS E1-5 Energy consumption and mix paragraph 37	Indicator number 5 Table #1 of Annex 1				E1 - Climate change \| Efficient energy use
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	Indicator number 6 Table #1 of Annex 1				E1 - Climate change \| Efficient energy use

200


ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44	Indicators number 1 and 2 Table #1 of Annex 1	Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)		E1 - Climate change \| Our GHG Emissions
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55	Indicators number 3 Table #1 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 8(1)		E1 - Climate change \| Our GHG Emissions
ESRS E1-7 GHG removals and carbon credits paragraph 56				Regulation (EU) 2021/1119, Article 2(1)	E1 - Climate change \| GHG removals and GHG mitigation projects financed through carbon credits

201


ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66			Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II	For fiscal year 2024, which corresponds to the first year of sustainability report in accordance with ESRS, Ferrari has decided to make use of the phase- in option in relation to the disclosure of the expected financial effects of physical and material transition risks.
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2:Banking book - Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral
ESRS E1-9 Degree of exposure of the portfolio to climate- related opportunities paragraph 69		Delegated Regulation (EU) 2020/1818, Annex II
ESRS E2-4 Amount of each pollutant listed in Annex II of the E- PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28	Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1			Not relevant according to Ferrari’s double materiality assessment

202


ESRS E3-1 Water and marine resources paragraph 9	Indicator number 7 Table #2 of Annex 1	Not relevant according to Ferrari’s double materiality assessment
ESRS E3-1 Dedicated policy paragraph 13	Indicator number 8 Table 2 of Annex 1
ESRS E3-1 Sustainable oceans and seas paragraph 14	Indicator number 12 Table #2 of Annex 1
ESRS E3-4 Total water recycled and reused paragraph 28 (c)	Indicator number 6.2 Table #2 of Annex 1
ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29	Indicator number 6.1 Table #2 of Annex 1
ESRS 2- IRO 1 - E4 paragraph 16 (a) i	Indicator number 7 Table #1 of Annex 1	Not relevant according to Ferrari’s double materiality assessment
ESRS 2- IRO 1 - E4 paragraph 16 (b)	Indicator number 10 Table #2 of Annex 1
ESRS 2- IRO 1 - E4 paragraph 16 (c)	Indicator number 14 Table #2 of Annex 1
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)	Indicator number 11 Table #2 of Annex 1
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)	Indicator number 12 Table #2 of Annex 1
ESRS E4-2 Policies to address deforestation paragraph 24 (d)	Indicator number 15 Table #2 of Annex 1
ESRS E5-5 Non-recycled waste paragraph 37 (d)	Indicator number 13 Table #2 of Annex 1	E5 - Resource use and circular economy \| Resource outflows
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39	Indicator number 9 Table #1 of Annex 1	E5 - Resource use and circular economy \| Resource outflows
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f)	Indicator number 13 Table #3 of Annex I	S1 - Own workforce \| Human Rights
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g)	Indicator number 12 Table #3 of Annex I	S1 - Own workforce \| Human Rights

203


ESRS S1-1 Human rights policy commitments paragraph 20	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I		S1 - Own workforce \| Human Rights
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21		Delegated Regulation (EU) 2020/1816, Annex II	S1 - Own workforce \| Human Rights
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22	Indicator number 11 Table #3 of Annex I		S1 - Own workforce \| Human Rights
ESRS S1-1 workplace accident prevention policy or management system paragraph 23	Indicator number 1 Table #3 of Annex I		S1- Own workforce \| Health and Safety, Our policy
ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c)	Indicator number 5 Table #3 of Annex I		S1 - Own workforce \| Stakeholder Engagement
ESRS S1-14 Number of fatalities and number and rate of work- related accidents paragraph 88 (b) and (c)	Indicator number 2 Table #3 of Annex I	Delegated Regulation (EU) 2020/1816, Annex II	S1 – Own workforce \| Health and Safety, Our metrics
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)	Indicator number 3 Table #3 of Annex I		S1 - Own workforce \| Health and Safety, Our metrics
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)	Indicator number 12 Table #1 of Annex I	Delegated Regulation (EU) 2020/1816, Annex II	S1 - Own workforce \| Diversity and Inclusion, Our metrics
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)	Indicator number 8 Table #3 of Annex I		S1 - Own workforce \| Diversity and Inclusion, Our metrics
ESRS S1-17 Incidents of discrimination paragraph 103 (a)	Indicator number 7 Table #3 of Annex I		S1 - Own workforce \| Human Rights
ESRS S1-17 Non- respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)	Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)	S1 - Own workforce \| Human Rights

204


ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b)	Indicators number 12 and n. 13 Table #3 of Annex I		S2 - Workers in the value chain \| Workers in the value chain
ESRS S2-1 Human rights policy commitments paragraph 17	Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1		S2 - Workers in the value chain \| Workers in the value chain, Our policy
ESRS S2-1 Policies related to value chain workers paragraph 18	Indicator number 11 and n. 4 Table #3 of Annex 1		S2 - Workers in the value chain \| Our policy
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19	Indicator number 10 Table #1 of Annex 1	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)	S2 - Workers in the value chain \| Our policy
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19		Delegated Regulation (EU) 2020/1816, Annex II	S2 - Workers in the value chain \| Our policy
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36	Indicator number 14 Table #3 of Annex 1		S2 - Workers in the value chain \| Our policy
ESRS S3-1 Human rights policy commitments paragraph 16	Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1		S3 - Affected communities \| Our policy
ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17	Indicator number 10 Table #1 Annex 1	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)	S3 - Affected communities \| Our policy
ESRS S3-4 Human rights issues and incidents paragraph 36	Indicator number 14 Table #3 of Annex 1		S3 - Affected communities \| Our policy
ESRS S4-1 Policies related to consumers and end-users paragraph 16	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1		S1 - Own workforce \| Stakeholder Engagement
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17	Indicator number 10 Table #1 of Annex 1	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)	S4 - Consumers and End-users \| Stakeholders Engagement

205


ESRS S4-4 Human rights issues and incidents paragraph 35	Indicator number 14 Table #3 of Annex 1	S4 - Consumers and End-users \| Stakeholders Engagement
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)	Indicator number 15 Table #3 of Annex 1	G1 - Business Conduct \| Anti- Bribery and Anticorruption Practice
ESRS G1-1 Protection of whistle- blowers paragraph 10 (d)	Indicator number 6 Table #3 of Annex 1	G1 - Business Conduct \| Whistleblowing
ESRS G1-4 Fines for violation of anti- corruption and anti-bribery laws paragraph 24 (a)		G1 - Business Conduct \| Anti- Bribery and Anticorruption Practice
ESRS G1-4 Standards of anti- corruption and anti- bribery paragraph 24 (b)	Indicator number 16 Table #3 of Annex 1	G1 - Business Conduct \| Anti- Bribery and Anticorruption Practice

_____________________________

(1) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019on sustainability-related disclosures in the

financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1).

(2) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013on prudential requirements for credit institutions

and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation “CRR”) (OJ L 176, 27.6.2013, p. 1).

(3) Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016on indices used as benchmarks in financial

instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU

and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).

(4) Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021establishing the framework for achieving climate

neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’) (OJ L 243, 9.7.2021, p. 1).

(5) Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020supplementing Regulation (EU) 2016/1011 of the European Parliament and

of the Council as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each

benchmark provided and published (OJ L 406, 3.12.2020, p. 1).

(6) Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022amending the implementing technical standards laid down in

Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks (OJ L 324,19.12.2022, p.1.).

(7) Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020supplementing Regulation (EU) 2016/1011 of the European Parliament and

of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (OJ L 406, 3.12.2020,

p. 17).

Content Index


Disclosure Requirement	Disclosure section
GENERAL DISCLOSURES
ESRS 2 BP-1 General basis for preparation of sustainability statements	ESRS 2 - General Disclosures \| Basis for preparation
ESRS 2 BP-2 Disclosures in relation to specific circumstances	ESRS 2 - General Disclosures \| Basis for preparation
ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies	ESRS 2 - General Disclosures \| Governance
ESRS 2 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	ESRS 2 - General Disclosures \| Governance
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive scheme	ESRS 2 - General Disclosures \| Integration of sustainability-related performance in incentive scheme
ESRS 2 GOV-4 Statement on due diligence	ESRS 2 - General Disclosures \| Statement on due diligence
ESRS 2 GOV-5 Risk management and internal controls over sustainability reporting	ESRS 2 - General Disclosures \| Risk management and internal controls over sustainability reporting
ESRS 2 SBM-1 Strategy, business model and value chain	ESRS 2 - General Disclosure \| Strategy, Our Business Model

206


ESRS 2 SBM-2 Interests and views of stakeholders	ESRS 2 - General Disclosure \| Interests and views of stakeholders, Double materiality assessment methodology
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	ESRS 2 - General Disclosures \| Impact, risks and opportunities management, Double materiality assessment methodology
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities	ESRS 2 - General Disclosure \| Double materiality assessment methodology
ESRS 2 IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement	ESRS 2 - General Disclosure \| Double materiality assessment methodology
ESRS 2 MDR-P Minimum disclosure requirement on Policies	Please refer to MDR-P disclosed in each Topical Standard below.
ESRS 2 MDR-A Minimum disclosure requirement on Actions	Please refer to MDR-A disclosed in each Topical Standard below.
ESRS 2 MDR-T Minimum disclosure requirement on Targets	Please refer to MDR-T disclosed in each Topical Standard below.
ESRS 2 MDR-M Minimum disclosure requirement on Metrics	Please refer to MDR-M disclosed in each Topical Standard below.
ENVIRONMENTAL INFORMATION
E1 CLIMATE CHANGE
ESRS 2 GOV-3 E1 Integration of sustainability-related performance in incentive scheme	E1 - Climate change \| Our targets
ESRS E1-1 Transition plan for climate change mitigation	E1 - Climate change \| Our Strategy to Reach Carbon Neutrality by 2030, Impact, Risk and Opportunity Management, Our targets, Efficient energy use, Our GHG Emissions, GHG removals and GHG mitigation projects financed through carbon credit
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	E1 - Climate change \| Impact, Risk and Opportunity Management
ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities	E1 - Climate change \| Our Strategy to Reach Carbon Neutrality by 2030, Impact, Risk and Opportunity Management
ESRS E1-2, MDR-P Policies related to climate change mitigation and adaptation	E1 - Climate change \| Our policy
ESRS E1-3, MDR-A Actions and resources in relation to climate change policies	E1 - Climate change \| Our Strategy to Reach Carbon Neutrality by 2030, Efficient energy use, Our GHG Emission
ESRS E1-4, MDR-T Targets related to climate change mitigation and adaptation	E1 - Climate change \| Our targets, Our GHG Emissions
ESRS E1-5 Energy consumption and mix	E1 - Climate change \| Efficient energy use
ESRS E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions	E1 - Climate change \| Our GHG Emissions
ESRS E1-7 GHG removals and GHG mitigation projects financed through carbon credits	E1 - Climate change \| GHG removals and GHG mitigation projects financed through carbon credits
ESRS E1-8 Internal carbon pricing	E1 - Climate change \| European Union Emission Trading System (EU-ETS)
ESRS E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	For fiscal year 2024, which corresponds to the first year of sustainability report in accordance with ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of the expected financial effects of physical and material transition risks.
E2 POLLUTION
ESRS 2, IRO-1 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities	E2 - Pollution \| Our policy
ESRS E2-1, MDR-P Policies related to pollution	E2 - Pollution \| Our policy
ESRS E2-2, MDR-A Actions and resources related to pollution	E2 - Pollution \| Our actions and targets
ESRS E2-3, MDR-T Targets related to pollution	E2 - Pollution \| Our actions and targets
ESRS E2-5 Substances of concern and substances of very high concern	E2 - Pollution \| Our metrics
ESRS E2-6 Anticipated financial effects from pollution-related impacts, risks and opportunities	For fiscal year 2024, which corresponds to the first year of sustainability report preparation in accordance with ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of the expected financial effects of physical and material transition risks.
E3 WATER AND MARINE RESOURCES

207


ESRS 2, IRO-1 Description of the processes to identify and assess water and marine resources-related impacts, risks and opportunities	ESRS 2 - General disclosure \| Impacts, risks and opportunities management
E4 BIODIVERSITY AND ECOSYSTEMS
ESRS 2, IRO-1 Description of the processes to identify and assess biodiversity and ecosystem-related impacts, risks and opportunities	ESRS 2 - General disclosure \| Impacts, risks and opportunities management
E5 RESOURCE USE AND CIRCULAR ECONOMY
ESRS 2 IRO-1 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	E5 - Resource use and circular economy \| Our policy
ESRS E5-1, MDR-P Policies related to resource use and circular economy	E5 - Resource use and circular economy \| Our policy
ESRS E5-2, MDR-A Actions and resources related to resource use and circular economy	E5 - Resource use and circular economy \| Our actions
ESRS E5-3, MDR-T Targets related to resource use and circular economy	E5 - Resource use and circular economy \| Our targets
ESRS E5-4 Resource inflows	E5 - Resource use and circular economy \| Resource inflows
ESRS E5-5 Resource outflows	E5 - Resource use and circular economy \| Resource outflows
ESRS E5-6 Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities	For fiscal year 2024, which corresponds to the first year of sustainability report in accordance with ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of the expected financial effects of physical and material transition risks.
SOCIAL INFORMATION
S1 OWN WORKFORCE
ESRS 2 SBM-2 Interests and views of stakeholders	S1 - Own workforce \| Stakeholder Engagement
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	S1 - Own workforce \| Stakeholder Engagement S1 - Own workforce \| Health, Safety and well-being, Health & Safety, Our policy S1 - Own workforce \| Characteristics of Ferrari employees S1 - Own workforce \| Data Responsibility, Privacy and Cybersecurity
ESRS S1-1 Policies related to own workforce	S1 - Own workforce \| Talent attraction, retention and development, Our policy S1 - Own workforce \| Diversity and Inclusion, Our policy S1 - Own workforce \| Health and Safety, Our policy S1 - Own workforce \| Data Responsibility, Privacy and Cybersecurity, Our policy
ESRS S1-2 Processes for engaging with own workers and workers’ representatives about impacts	S1 - Own workforce \| Stakeholder Engagement
ESRS S1-3 Processes to remediate negative impacts and channels for own workers to raise concern	S1 - Own workforce \| Stakeholder Engagement
ESRS S1-4, MDR-A Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	S1 - Own workforce \| Talent attraction, retention and development \| Training and Talent Development, Our actions S1 - Own workforce \| Talent attraction, retention and development \| Talent Recruitment and Employee Retention, Our actions S1 - Own workforce \| Diversity and Inclusion, Our actions S1 - Own workforce Health, Safety and well-being, Health and Safety, Our actions S1 - Own workforce Health, Safety and well-being \| Welfare and Working Environment, Our actions S1 - Own workforce \| Data Responsibility, Privacy and Cybersecurity, Our actions

208


ESRS S1-5, MDR-T Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S1 - Own workforce \| Talent attraction, retention and development, Training and Talent Development, Our targets S1 - Own workforce \| Talent attraction, retention and development, Talent Recruitment and Employee Retention, Our targets S1 - Own workforce \| Diversity and Inclusion, Our targets S1 - Own workforce \| Health, Safety and well-being, Health and Safety, Our targets S1 - Own workforce \| Health, Safety and well-being, Welfare and working environment, Our targets S1 - Own workforce \| Data Responsibility, Privacy and Cybersecurity, Our targets
ESRS S1-6 Characteristics of the undertaking’s employees	S1 - Own workforce \| Characteristics of Ferrari employees
ESRS S1-7 Characteristics of non-employee workers in the undertaking’s own workforce	S1 - Own workforce \| Characteristics of Ferrari non-employees
ESRS S1-9 Diversity metrics	S1 - Own workforce \| Diversity and Inclusion, Our metrics
ESRS S1-10 Adequate wage	S1 - Own workforce \| Diversity and Inclusion, Our metrics
ESRS S1-11 Social protection	For fiscal year 2024, which corresponds to the first year of sustainability report in accordance with ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of social protection information.
ESRS S1-12 Persons with disabilities	For fiscal year 2024, which corresponds to the first year of sustainability report in accordance with ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of persons with disabilities information.
ESRS S1-13 Training and skills development metric	S1 - Own workforce \| Training and Talent Development, Our metrics S1 - Own workforce \| Talent Recruitment and Employee Retention, Our actions, Our targets and metrics
ESRS S1-14 Health and safety metrics	S1 - Own workforce \| Health, Safety and well-being, Our metrics
ESRS S1-15 Work-life balance metrics	For fiscal year 2024, which corresponds to the first year of sustainability report in accordance with ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of Work-life balance information.
ESRS S1-16 Compensation metrics (pay gap and total compensation)	S1 - Own workforce \| Diversity and Inclusion, Our metrics
ESRS S1-17 Incidents, complaints and severe human rights impacts	S1 - Own workforce \| Human Rights
S2 WORKERS IN THE VALUE CHAIN
ESRS 2 SBM-2 Interests and views of stakeholder	S2 - Workers in the value chain \| Stakeholder Engagement
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	S2 - Workers in the value chain \| Workers in the value chain, Our policy, Conflict minerals
ESRS S2-1, MDR-P Policies related to value chain workers	S2 - Workers in the value chain \| Workers in the value chain, Our policy, Our actions
ESRS S2-2 Processes for engaging with value chain workers about impacts	S2 - Workers in the value chain \| Stakeholder Engagement
ESRS S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns	S2 - Workers in the value chain \| Workers in the value chain, Our actions
ESRS S2-4, MDR-A Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action	S2 - Workers in the value chain \| Workers in the value chain, Our actions
ESRS S2-5, MDR-T Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S2 - Workers in the value chain \| Workers in the value chain, Our targets and metrics
S3 AFFECTED COMMUNITIES
ESRS 2 SBM-2 Interests and views of stakeholders	S3 - Affected communities
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	S3 - Affected communities \| Our policy, Stakeholder Engagement
ESRS S3-1, MDR-P Policies related to affected communities	S3 - Affected communities \| Our policy

209


ESRS S3-2 Processes for engaging with affected communities about impacts	S3 - Affected communities \| Stakeholder Engagement
ESRS S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns	S3 - Affected communities \| Our policy, Stakeholder Engagement
ESRS S3-4, MDR-A Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions	S3 - Affected communities \| Our targets and actions
ESRS S3-5, MDR-T Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S3 - Affected communities \| Our targets and actions
S4 CONSUMERS AND END-USERS
ESRS 2 SBM-2 Interests and views of stakeholders	S4 - Consumers and End-users \| Stakeholder Engagement
ESRS 2 SBM-3 Impacts, risks and opportunities and their interaction with strategy and business model	S4 - Consumers and End-users \| Stakeholder Engagement S4 - Consumers and End-users \| Vehicle quality and safety, Our targets and actions S4 - Consumers and End-users \| Ethics and business conduct – Transparent Information, Our targets and actions S4 - Consumers and End-users \| Data Responsibility, Privacy and Cybersecurity, Our targets and actions
ESRS S4-1, MDR-P Policies related to consumers and end-users	S4 - Consumers and End-users \| Vehicle quality and safety, Our policy S4 - Consumers and End-users \| Ethics and business conduct - Transparent Information, Our policy S4 - Consumers and End-users \| Data Responsibility, Privacy and Cybersecurity, Our policy
ESRS S4-2 Processes for engaging with consumers and end-users about impacts	S4 - Consumers and End-users \| Stakeholder Engagement
ESRS S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns	S4 - Consumers and End-users \| Stakeholder Engagement
ESRS S4-4, MDR-A Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions	S4 - Consumers and End-users \| Vehicle quality and safety, Our targets and actions S4 - Consumers and End-users \| Ethics and business conduct - Transparent Information, Our targets and actions S4 - Consumers and End-users \| Data Responsibility, Privacy and Cybersecurity, Our targets and actions
ESRS S4-5, MDR-T Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S4 - Consumers and End-users \| Vehicle quality and safety, Our targets and actions S4 - Consumers and End-users \| Ethics and business conduct - Transparent Information, Our targets and actions S4 - Consumers and End-users \| Data Responsibility, Privacy and Cybersecurity, Our targets and actions
G1 BUSINESS CONDUCT
ESRS 2 GOV-1 The role of the administrative, supervisory and management bodies	G1 - Business Conduct \| Business conduct policies and corporate culture
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities	G1 - Business Conduct \| Business conduct policies and corporate culture
ESRS G1-1, MDR-P Corporate culture and Business conduct policies and corporate culture	G1 - Business Conduct \| Business conduct policies and corporate culture G1 - Business Conduct \| Anti-Bribery and Anticorruption Practice
ESRS G1-2 Management of relationships with suppliers	G1 - Business Conduct \| Responsible purchasing practices \| Our policy, Our actions G1 - Business Conduct \| Payment practices
ESRS G1-3 Prevention and detection of corruption and briber	G1 - Business Conduct \| Business conduct policies and corporate culture G1 - Business Conduct \| Anti-Bribery and Anticorruption Practice, Risk-based training activities, Whistleblowing
ESRS G1-4 Confirmed incidents of corruption or bribery	G1 - Business Conduct \| Anti-Bribery and Anticorruption Practice
ESRS G1-6 Payment practice	G1 - Business Conduct \| Payment Practices

210

To limit the repetition of information already present in other sections of the Annual Report or documents, the ESRS

Standard allows to incorporate information by reference. For 2024, Ferrari N.V. does not disclose referring to other sections

of the Annual Report nor other documents. References to other sections of the Annual Report are provided solely to facilitate

the exploration of specific matters.

16 Maranello production facility is composed of the main offices, production buildings, and the adjacent Fiorano track (of approximately 3 thousand

meters).

211

E1 – Climate change

Our Environmental Responsibility

We aim to increase our environmental awareness to continuously set and implement related programs and actions.

We deeply believe that ensuring access to a pure and blooming environment should not be a privilege but rather a

basic human right. In this respect, our efforts aim to minimize the negative impacts of our activities on natural resources and

the global environment, committing to protect the environment for present and future generations. In particular, we are aware

of the challenges and opportunities posed by climate change for sustainable business development.

We assemble all of our cars and manufacture all the engines used in our cars at our production facility in

Maranello16 (Italy). The Carrozzeria Scaglietti plant, located in Modena (Italy), is where we manufacture aluminum

bodyworks and chassis. The two plants cover a cumulative area of approximately 861 thousand square meters. We also own

the Mugello racing circuit in Scarperia, near Florence (Italy), which covers an area of 1.7 million square meters (of which

approximately 1.2 million square meters of green or tree-covered areas).

We directly operate 15 retail stores, maintain our Lifestyle office in Milan and other offices for our foreign

subsidiaries as well as other smaller facilities in Italy, such as the Museo Enzo Ferrari (MEF) in Modena and the Ferrari

Museum in Maranello. The environmental impact of these additional facilities, even though deemed negligible, is still

measured and reported in terms of energy consumption, greenhouse gas (herein after “GHG”) emissions and waste

generation.

Environmental management systems

We have invested significantly to minimize our environmental impact since 2001, when the Company obtained the

ISO 14001:2015 certification for its plants in Maranello and Modena. In 2022, we obtained the renewal of the certification of

our environmental management system according to the standard ISO 14001:2015. In addition, in 2007, we obtained and

since then renewed the Integrated Environmental Authorization (IEA). As mentioned in our Environmental Practice, our

effort is to minimize the negative impact of our activities on natural resources and the global environment.

In addition, once again in 2024, Ferrari S.p.A. obtained the three stars of the FIA Environmental Accreditation

Program. The program developed by the Fédération Internationale de l’Automobile aims at helping key players in the

motorsport and automotive sector measure and enhance their environmental performance by means of an independent

certification process.

To further reflect our sustainability commitment, we have obtained several certifications assessing our sustainable

event management. This includes, but is not limited to, the assessment of the following aspects: separate collection of waste

and recycling of materials (circular economy), energy efficiency, mobility and logistics, accessibility for people with

disabilities, diversity and inclusion, battle against food waste, local development and economic impact. In this respect, in

2024, we obtained once again the ISO 20121:2013 certification (Event Sustainability Management System), the international

standard for sustainable event management, for the Ferrari Racing Days Nürburgring. The standard applies to the planning

and realization of the 2024 event. In the same year, also Esperienza Ferrari and Ferrari Tour, driving events dedicated to

clients and sports car lovers, obtained the ISO 20121:2013 certification.

During 2024, we maintained the ISO 20121:2013 certification for the Ferrari Factory Tour, a unique experience for

clients, prospects, dealers and sponsors, where ad-hoc guided tours are organized to the “Cittadella Ferrari” and the iconic

places of the “Cavallino Rampante”.

The Mugello Circuit S.p.A. obtained and renewed the certification for the environmental management system in

accordance with ISO 14001:2015 and EMAS (Eco-Management and Audit Scheme). Moreover, in 2020, Mugello Circuit

S.p.A. obtained the ISO 20121:2013 certification, confirmed also in 2024. Mugello Circuit S.p.A. has been the first circuit in

the world to obtain this certification. This standard applies to the activities related to the events hosted and is evidence of the

commitment of Mugello Circuit S.p.A. to implement a responsible and sustainable management system. Moreover, in 2024,

17 At present, our Environmental Practice does not cover adaptation to climate change.

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for the second consecutive year, Mugello scored first in the Sustainable Circuits IndexTM (SCITM) and was named the most

sustainable motorsport circuit.

Our policy

Ferrari’s ambition to minimizing its impact on the global environment is outlined in the Environmental Practice,

which is inspired by the guiding principles set forth in the Code of Conduct and defines Ferrari’s main ambition to fostering a

corporate culture dedicated to environmental protection. The Practice applies to the entire Ferrari Group.

Ferrari considers environmental protection to be a decisive aspect to be promoted in its overall approach to business

and it aims to continuously improve the environmental performance of its operations and comply with the provisions

contained in applicable laws and regulations. For this reason, Ferrari aims to: reduce greenhouse gas emissions across the

product life cycles, minimize water use, promote the reuse of waste materials in the production process, monitor emissions

into the atmosphere and the sewage system, and contribute to the protection of biodiversity in areas impacted by its

production process.

The Environmental practice sets out key principles: compliance with applicable regulatory and legal requirements,

periodic and systematic establishment of improvement objectives and their monitoring and measurement through KPIs, the

development of products that meet customers’ needs while ensuring respect for the environment, and the adoption of the best

available technologies for the efficiency of production processes and the reduction of emissions and environmental impacts.

The practice promotes, among others, the improvement of energy efficiency and the use of renewable energy 17 aimed at

mitigating climate change. In particular, it enshrines the Company’s commitment to monitor and reduce greenhouse gas

emissions produced throughout the entire product life cycle, as well as reducing energy consumption. In line with the

Environmental Practice commitments, we have developed the decarbonization strategy, which is reported in our 2022-2026

Strategic Plan. The practice covers the following IROs: “Energy consumption and related GHG emissions for upstream

activities (e.g. raw material purchased and inbound logistics) (Scope 3) with negative impact on climate change”, “Energy

consumption and related GHG emissions for downstream activities (e.g. outbound logistics, vehicles usage and use of sold

products) (Scope 3) with negative impact on climate change”, “Energy consumption (within the organization) and related

Greenhouse gas emissions (Scope 1 / Scope 2) with negative impact on climate change and the community (e.g. Maranello)”,

“Difficulties in targeting Ferrari Carbon Footprint strategy related to Scope 3 Indirect Emissions with main focus on

Upstream”, “Energy efficiency - Using renewable energy at a reduced cost plus investing in low carbon technologies that

could result in lower carbon footprint, lower energy consumption and lower energy costs”.

The monitoring and management of the environmental performance of our production plants is assigned to a team

that reports to our Chief Technologies & Infrastructures Officer. Their effort is aimed at minimizing the impact of our

activities on the environment, particularly in relation to the energy consumption of our production facilities.

For the achievement of GHG emission reduction targets by 2030, the Green Sustainability Steering Committee,

composed of representatives from different functions, has been appointed as the responsible body. Specifically, within the

Research & Development department, a team is responsible for future product development aiming at reducing CO2eq

emissions of Ferrari sports cars, among which the future full electric powertrain. Meanwhile, another team is in charge of

overseeing regulatory developments while monitoring the emissions of Ferrari cars. In addition, the Research &

Development, the Product Development and the Purchasing & Quality departments are working with our suppliers to find

solutions to meet our target of 30 percent reduction per car of our Scope 3 upstream emissions. These departments report to

the Chief Research & Development Officer, the Chief Product Development Officer and the Chief Purchasing & Quality

Officer, respectively.

Please refer to the “ESRS 2—General disclosures—Our Decision-Making Process” section for information on

accountability and the most senior levels responsible for Climate Change issues.

To draft the Environmental Practice, the interests of stakeholders have been considered at a general level,

particularly those identified as the addressees of the Practice. Ferrari considers the engagement of its suppliers and its sales

partners, as well as the local authorities and communities, to be crucial to uphold its environmental principles and

commitments.

18 We do not have a net-zero target, but only a carbon neutrality one.

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Ferrari ensures the internal and external dissemination of the Practice. Please refer to the Ferrari corporate website at

the following link https://www.ferrari.com/en-EN/corporate/practices.

Our Strategy to Reach Carbon Neutrality by 2030

Our decarbonization strategy defined in 2022 is aligned with the trajectory “well below 2°C” in order to contribute

to ambitions at the international, national and regional level, such as the Paris Agreement. In this context, our most significant

environmental efforts are deployed through a program for the reduction of polluting and GHG emissions, both direct and

indirect.

During our 2022 Capital Markets Day we presented our 2022-2026 Strategic Plan and our decarbonization strategy,

detailing our commitment to achieving Carbon Neutrality by 2030 on our entire value chain, addressing direct and indirect

GHG emissions 18. Our decarbonization strategy is aligned with the Transport Science-Based Target setting Guidance of 2015

aligned with the trajectory “well below 2°C” and entails a reduction of at least 90 percent of our Scope 1 and 2 (market-based

method) absolute CO2eq emissions and a reduction of at least 40 percent of our Scope 3 emissions per car, with respect to

2021. Our decarbonization strategy is not defined as “transition plan” as stated by the ESRS E1-1. Given that we plan to

develop our new business plan in 2025, we are currently reviewing these targets.

Ferrari is included in the EU Climate Transition Benchmarks and the EU Paris-aligned Benchmarks, however, as of

today the Company is not aligned to the EU Taxonomy Regulation. For further information, please refer to the “E1—Climate

change—Taxonomy” paragraph.

As outlined in our 2022-2026 Strategic Plan announced during the 2022 Capital Markets Day, the first full electric

Ferrari is expected to be launched in the fourth quarter of 2025 and by 2026 a well-diversified product portfolio, composed of

55 percent hybrid, 5 percent full electric and 40 percent ICE in terms of number of models was expected. By 2030, an

offering composed of 20 percent ICE, 40 percent hybrid and 40 percent full electric was expected. This strategy reflects our

principle of flexibility, as the e-building houses the production of internal combustion engines, hybrid engines and new

electric motors, each capable of delivering Ferrari’s signature driving thrills. Together with the electrification journey, we are

exploring solutions to reduce the otherwise growing emissions of raw materials mainly related to the battery module and

looking into recycled aluminum. Given that we plan to develop our new business plan in 2025, we are currently reviewing

these targets.

Hybrid and electric vehicles have a higher environmental impact in the upstream supply chain compared to internal

combustion engine vehicles. The utilization of critical raw materials to create battery cells and the carbon-intensive

production of batteries have a substantial impact.

In 2024, the capital expenditure, including R&D and tooling, related to the development of our electric vehicles

amounted to approximately €236 million (please refer to the paragraph Consolidated Financial Statement). Given that we

plan to develop our new business plan in 2025, the total expenditure for the next years is under review.

Nevertheless, our commitment is to go beyond the decarbonization of the use phase and beyond cutting GHG

emissions domestically. Being that the purchased goods category accounts for the majority of our Scope 3 emissions, we have

started to act upstream to ensure fair and widespread actions at a global level, focusing on recycled materials and the

development of innovative technologies. For this reason, the engagement of our suppliers is a fundamental aspect of our

decarbonization strategy.

For additional information on Ferrari’s goals, please refer to the “E1—Climate change—Our targets” paragraph.

We are aware that the transition to a climate-neutral economy could be slowed down by locked-in GHG emissions.

Regarding Scope 1 and 2, certain processes cannot be converted to electricity yet. For Scope 3 downstream, the locked-in

emissions depend on how the market will evolve in the coming years, in particular on the share of BEVs (Battery Electric

Vehicle). However, it is important to point out that the higher the share of BEVs, the harder it is to reach the target set for

Scope 3 upstream. We are developing plans to reduce emissions from downstream ICEs, and in particular, we are evaluating

various technologies, including alternative fuels.

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Excluding locked-in emissions, the implementation of the decarbonization strategy depends on regulatory and

technological aspects. From a financial point of view, we use our own resources and we are constantly informed about

externally available funding.

Our decarbonization levers to reach Carbon Neutrality by 2030


Category of action	Target related climate change	Action	Timeline	Section reference
Energy efficiency & use of renewable sources energy	Scope 1&2 emissions - Renewable energy and electrification in our operations	Phasing out of our trigeneration plant	2024	E1 Climate change - Efficient energy use
Energy efficiency & use of renewable sources energy		Installation of photovoltaic panels	Since 2023	E1 Climate change - Efficient energy use
Our products	Scope 3 downstream emissions - Electrification and sustainable fuels	Launch of the first full electric Ferrari	2025	E1 Climate change - Our Strategy to Reach Carbon Neutrality by 2030
	Scope 3 upstream emissions - Recycled materials and renewable energy processes	Engine production with 100% recycled alloy	2026	E5 Resource use and circular economy
		Use of recycled materials in our products	Ongoing	E5 Resource use and circular economy
Carbon Avoidance	-	Purchase of Carbon Credits in partnership with ClimateSeed	Since 2022	E1 Climate change - GHG removals and GHG mitigation projects financed through carbon credits
Constant dialogue with partners	Scope 3 downstream emissions - Electrification and sustainable fuels	Introduction of Hydrotreated Vegetable Oil (HVO) fuel in our European outbound logistics on road	Since 2023	E1 Climate change - Our GHG Emissions
Constant dialogue with partners		Launch of the Green Dealer Award	Since 2023	E1 Climate change - Our GHG Emissions

Impact, Risk and Opportunity Management

Our risk management approach is an important business driver and it is integral to the achievement of the Group’s

long-term business plan. As a relevant factor for long-term value creation, we consider it pivotal to manage risks related to

climate change. The fight against climate change and the preservation of the environment are becoming crucial around the

world and these concerns have resulted in rapidly evolving climate and environmental regulations emitted across

international markets.

Following the structure described in the “Risk Management Process and Internal Control Systems” section of this

Report, at the first line of control, the Risk Owner and FLTs are responsible for identifying, assessing, and mitigating risks

and for the establishment and maintenance of a risk management system across our business functions. Until December 2023,

our CFO, who is a member of the FLT, was in charge of the risk management function that is involved, among other risks, in

the assessment, monitoring and management of environmental and climate-related risks. Since December 2023, this role has

been assigned to the Chief of Internal Audit, Risk and Compliance Officer. Operating areas represent the first line of defense,

they identify climate-related risks and, in collaboration with the central function of risk management, those risks are assessed,

monitored and managed at corporate level.

Through the Scenario Analysis and benchmark activities we were able to define our impacts, risks and opportunities.

Climate Scenario Analysis

In 2022, to strengthen our resilience strategy, we conducted a Climate Scenario Analysis of our prospective climate

change risks, both physical and transitional, for our plants in Maranello and Modena and for our value chain following the

most up-to-date methodologies available internationally, covering the 2030 to 2050 time-horizon. In 2024, the assumptions of

this analysis remained unchanged. The choice of the scenarios for physical and transitional risks is based on EU and

international guidelines (i.e. EU Taxonomy and TCFD respectively), on climate literature, availability of impact studies and

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likelihood of scenarios. We used the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change

(IPCC) scenarios along with the Swiss RE, Moody’s Analytics, and Wood Mackenzie international databases.

More specifically, for physical risks, the Representative Concentration Pathways (RCP) correspond to defined

emissions and global warming levels. Each RCP scenario is modeled by the scientific community in terms of physical

impacts. In particular, we have considered the RCP 8.5, RCP 4.5 and RCP 2.6 scenarios:

– The RCP8.5 scenario is the most extreme of the business-as-usual scenarios. It forecasts an increase above 4°C by

2100. This scenario can translate into reality if the world adopts no mitigation policy. High economic and population

growth rates (SSP5) favor this scenario. This scenario triggers most of the climate “points of non-return” and hence,

its consequences are difficult to model;

– The RCP4.5 scenario is the most probable given current pledges by countries. It forecasts an increase in temperature

between 2 to 3°C by the end of the century, well above the limits of Paris 2015 and Kyoto Protocol. Pledges as of

October 2022 lead to an increase of 2.5°C by 2100, as calculated by the United Nations; and

– The RCP2.6 scenario is a Paris/Kyoto one and foresees emissions approximately at the same levels of today (below

1.5°C by 2100 ).

Each climate scenario is characterized by different levels of greenhouse gas concentrations. Specifically, we

considered a pessimistic scenario (RCP 8.5), an intermediate scenario (RCP 4.5) and a more optimistic scenario (RCP 2.6) to

assess the various situations we might face.

For the analysis of physical risks, we considered three different time horizons:

– short term – from 0 to 2 years

– medium term – from 2 to 5 years

– long term – from 5 to 8 years (the value eight is an indicative value, for specific risks that we already consider, the

time horizon could be longer).

All of these relate to the expected life of our assets, strategic planning horizons and capital allocation plans.

For the analysis, we considered the geospatial coordinates of our Maranello and Modena plants to understand their

exposure to physical events. In particular, precipitation, wind and temperature logs from the local weather grid were analyzed

to evaluate present trends and build reliable inferences on possible future trends. A detailed analysis of local sources such as

the Modena/Maranello Civil Protection, ARPAE and newspapers allowed to build an “event history” database and

contributed to the overall risk mapping.

Through the Scenario Analysis we also analyzed the physical and transitional risks of our suppliers, taking into

consideration their location.

In our Scenario Analysis we considered the short, medium and long term, specifically until 2026, from 2026 to 2035

and from 2035 to 2050.

As of today, the Climate Scenario Analysis does not reflect any assumption made in the financial statement.

With regard to transition scenarios analysis, according to different scenarios, transition speeds might vary greatly in

the next two decades. The assessment of transition climate-related risks is based on a qualitative and quantitative climate-

related scenario analysis. We take into account prospective scenarios for technological development, market conditions and

normative evolutions. These scenarios are based on the IEA (namely NZE, APS and STEPS scenarios), a world agency

providing analysis and advisory services to governments on energy issues, combined with many different literature studies,

based on the definition of a climate ambition and technology progress parameter. Also, IPCC SSP scenarios were used to

create charging infrastructure projections. The overall structure of the analysis relies on the pairing of physical and transition

scenarios following the combinations: (1) SSP1/NZE- (2) SSP2/APS- (3) SSP3-5/STEPS:

– The Net Zero Emissions by 2050 Scenario (NZE) is a normative scenario that shows a pathway for the global energy

sector to achieve net zero CO2 emissions by 2050, with advanced economies reaching net zero emissions in advance

of others. It is consistent with limiting the global temperature rise to 1.5 °C with no or limited temperature overshoot

(with a 50 percent probability). It is consistent with an RCP2.6 scenario. It is compatible with the SSP1 IPCC

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scenario, where the world follows a sustainable development pathway, with inequalities reduced, strong

convergence between developing and developed countries, and strong climate action;

– In the APS scenario, countries fully implement their national targets to 2030 and 2050. It is a “business as usual”

without strong efforts in decarbonizing. It is consistent with a low range of the RCP4.5 scenarios. It is compatible

with the SSP2 IPCC scenario which is a business-as-usual scenario;

– The STEPS provides a conservative benchmark for the future, as it does not take for granted that governments will

reach all announced climate goals. It explores where the energy system and other sectors might go without a major

additional steer from policy makers. It is consistent with a high RCP4.5 (low RCP8.5) scenario, and compatible with

SSP3-SSP5 IPCC scenarios. The SSP5 is a scenario with a strong technological development sustained, however, by

fossil fuels, while the SSP3 is a “divided” world scenario, featuring strong inequalities and competition for resources

between nations.

To identify transitional risks, we analyzed, for each country in which Ferrari operates through points of sale, the

regulatory situation concerning the ICE powertrain. This enabled us to identify the countries in which a restriction on the sale

of ICE could be imposed. Moreover, we analyzed the targets set at national level in terms of the number of charging points

for BEVs. With regard to the market, we also took into account the societal momentum around climate action, always guided

by our scientific and holistic approach to address emission across sectors. The transition scenario analysis also took into

consideration the issue of raw material shortage among its assumptions, while considering that it is partly caused by climate

change and increased demand (with a consequence on prices) for certain types of critical materials needed to support the

electric transition.

Below the list of physical and transitional risks that have been analyzed in the Climate Scenario Analysis.

PHYSICAL RISKS

for Maranello and Modena facilities

Acute

Increased Hail Frequency and Severity

Increase of Summer Blackout

Increase in Flooding Risk

Increased Wind Storm Severity

Increase in Drought Risk and Water Stress

Increase in Wildfires Risk

Chronic

Gas Equipment Production Reduction

Fuel Cell Efficiency Reduction

Health Hazards Accelerating invasion potential of disease vectors. Eg. West Nile

Increased Heat Waves Frequency and Length

Increase in Mean Temperature

Solar Panel Production Reduction

PHYSICAL RISKS

for supply chain

Acute

Increased Drought Exposure

Hydrogeologic Risk

Increased Flooding Exposure

Acute Climate Risk on Countries Extracting Critical Materials

Chronic

Increased Chronic Risk Exposure

Chronic Climate Risk on Countries Extracting Critical Materials

19 Istituto Superiore per la Protezione e la Ricerca Ambientale - ISPRA.

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According to the Italian Institute for Environmental Protection and Research data 19, Emilia Romagna is the Italian

region most susceptible to flood risk. Weather grids around Maranello show a consistent trend of increasing rainfall, a

phenomenon that is expected to elevate flood risks in the coming decades. Emilia Romagna is morphologically suitable for

the formation of tornados and wind storm events. Extreme weather events such as floods, windstorms, fires and heat waves

could cause interruptions in power grids. Increases in peak wind speeds and the severity of hailstorms are also observed. Heat

waves and droughts are becoming more frequent and intense, with Europe and the Mediterranean region as global hotspots.

Droughts threaten natural water reserves in northern Italy, while rising temperatures contribute to fires. Climatic conditions

also affect solar energy production and favor the spread of mosquito-borne diseases, with hotter and wetter summers creating

ideal habitats for exogenous species.

Following the climate scenario analysis, we have strengthened our mitigation and resilience plan related to physical

risks regarding our production plants in Maranello and Modena. This plan included the implementation of actions to mitigate

extreme weather events such as flooding, hail episodes and droughts, reducing our climate-related physical risks assessment

under materiality threshold.

TRANSITION RISKS

organization worldwide

Market

Failure in Intercepting Favourable Markets

Failure in Aligning with Countries Climate Ambitions

Disalignment with Peers Transition Plans

Increased Interest Rates due to Disalignment with Bank’s Portfolios

Exposure to Critical Materials Price Soar Copper, Nickel, Cobalt, Lithium, Aluminum, Iron

CBAM Induced Increased Costs of Extra EU Supplies

Future Hypothetical Carbon Tax

Normative

Failure in Aligning with Countries Targets

Failure in Aligning with Cities Targets

Reputational

Penalty Fees for Exceeding Vehicle Emission Mandates

Change in climate induced luxury perception (e.g “Private Jet Bans”)

Technology

Supply Shortages of Critical Materials Lead, Manganese, Chromium, Zinc, Silver, Silicon, Molybdenum, REEs, PGM, Copper, Lithium,

Nickel, Vanadium, Cobalt, Graphite, Sylicium

Scarcity of Components and Materials Needed for the PV Arrays. Increase of costs

The transition risks identified through the scenario analysis and reported above can potentially impact Ferrari’s sales

and production, therefore, not only its operations but also its value chain. Specifically, regulation and technology changes

could lead to an increase in costs in the medium term and to scarcity of critical materials. Changes in client perception could

lead to a decrease in our revenues in the medium and long term.

Following the scenario analysis conducted, we identified two material transition risks and the related resilience

plans:

- Fast paced and uncertain laws and technical regulations proliferation

- Challenge in targeting Ferrari Carbon Footprint strategy related to Scope 3 Indirect Emissions

To mitigate our material risk on “Fast paced and uncertain laws and technical regulations proliferation” we have

structured in the Ferrari Group a process to monitor new regulations through a specific R&D function that monitors on a

regular basis the new regulations and evaluates potential impacts on company activities. To anticipate the timeliness of the

analysis, the company has identified local focal points in countries most relevant for Ferrari business and is also member of

20 No stakeholders were involved in the definition of environmental targets.

21 The companies reported in the paragraph “Scope of consolidation”.

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different manufacturer associations that provide also information on regulatory changes trend. No significant operational or

capital expenditures have been allocated to this action in 2024 or are planned for the future.

To mitigate our material risk on “Challenge in targeting Ferrari Carbon Footprint strategy related to Scope 3 Indirect

Emissions” we have put in place several actions, please refer to “Our Strategy to Reach Carbon Neutrality by 2030” section.

Our targets

We defined our environmental targets, included in our 2022-2026 Strategic Plan, aligned with the Transport

Science-Based Target setting Guidance of 2015 aligned with the trajectory “well below 2°C”. The GHG emission reduction

targets and the related action plan were reviewed by the Board of Directors 20.

Below our emissions targets:

a carbon neutrality in our own operations 21 already starting from 2021, through high-quality projects with climate and

social contributions (decreasing by at least 90 percent our Scope 1 and 2 (market-based method) absolute CO2eq

emissions - CO2, CH4, N2O and HFCs - by 2030 versus 2021);

b reduction of at least 40 percent of our Scope 3 emissions (CO2, CH4, N2O) per car, focusing mainly on materials and

vehicle use phase. In particular, we aim to reduce upstream emissions by 30 percent per car and downstream

emissions by 50 percent per car by 2030 versus 2021.

Following the former guidance provided by the SBTi for the transport sector, we chose 2021 as the base year for our

emission targets as it was more representative of the actual Company situation (2020 figures were influenced by the effects of

Covid-19). In 2022, we set targets considering the journey to electrification of our plants, including the phase-out of our

trigenerator, and the assumptions of the product mix presented during our 2022 Capital Markets Day (CMD), and there was

no other specific assumption regarding the evolution of the external context. The targets in the table below are obtained by

transforming the CMD 2022 intensity targets into absolute targets based on the 2024 deliveries (13,752). Given that we plan

to develop our new business plan in 2025, we are currently reviewing these targets.


	2021 – Base Year	2030 Target
GHG emissions [tCO2e]	976,744	700,000
Scope 1&2 emissions - Renewable energy and electrification in our operations	92,716	10,000
Scope 3 upstream emissions - Recycled materials and renewable energy processes	578,677	500,000
Scope 3 downstream emissions - Electrification and sustainable fuels	305,351	190,000

In addition, for the Equity Incentive Plan 2022-2024 and the Equity Incentive Plan 2023-2025, the innovation target

has been replaced by an ESG target focusing on an Environment Factor and a Social Factor. The ESG target weighs 20

percent of the awards based on the achievement of defined objectives relating to environmental and social factors. In

particular, 50 percent of the ESG Target is based on the reduction of CO2 carbon emissions and 50 percent is based on the

maintenance of the Equal Salary certification.

Efficient energy use

Our culture embraces a rational use of energy, which is mainly utilized for the manufacturing of cars and engines.

Over the years, the Group has strived to lower its energy consumption and to minimize its environmental impact,

adopting innovative solutions and shifting to renewable energy sources.

Currently, the share of renewable energy in Ferrari which is not self-produced is purchased from the grid and

covered by certificates of guarantee of origin from renewable sources.

22 The entire group falls within the C29 NACE code.

23 The conversion factor used for natural gas is 0.0101 MWh/smc.

24 The conversion factors used for Diesel fuel is 0.00988 MWh/L and for Gasoline fuel 0.00899 MWh/L.

25 The energy intensity is calculated considering the revenue of the entire Group.

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Energy Consumption within the Organization 22


Unit of measurement: MWh	2024 Operational control only	2024 Financial control	2024	2023	2024 vs 2023 (%)
Total Natural Gas 23	330	276,177	276,507	339,415	(19%)
Total Oil Products 24	—	23,985	23,985	22,624	6%
Total Coal	—	—	—	—	—
Total Other fossil fuels	—	—	—	—	—
Total Electricity from fossil sources	—	882	882	3,769	(77%)
Total Energy from Fossil sources	330	301,044	301,374	365,808	—
Share Energy Fossil Fuels (%)	30%	73%	73%	86%	(15%)
Total Nuclear	—	238	238	405	(41%)
Share Nuclear (%)	—%	0.1%	0.1%	—%	(40%)
Total Energy from Biomass	—	—	—	—	—
Total Energy from Renewable sources	757	105,795	106,552	55,954	90%
Total Self-produced renewable energy	—	3,897	3,897	1,758	122%
Total Renewable energy	757	109,692	110,449	57,712	91%
Share Renewable energy (%)	70%	27%	27%	14%	97%
Total Consumption	1,087	410,974	412,061	423,426	(2.7%)


Unit of measurement: MWh/€ thousand	2024	2023	2024 vs 2023 (%)
Energy Intensity 25	0.062	0.071	(13.0%)


Unit of measurement: MWh	2024	2023	2024 vs 2023 (%)
Self-produced non-renewable energy	64,781	103,645	(37.5%)
Self-produced renewable energy	3,897	1,758	122%

For more details on net revenues, please refer to the “Consolidate Financial Statement—Net revenues” paragraph of

the Financial Statement.

In 2024, the total energy consumption within the Maranello and Modena plants, the Mugello racing circuit and our

stores, museums, subsidiaries’ offices and other facilities was 412,061 MWh, with a decrease of 2.5 percent from 2023

(422,633 MWh) mainly due to the electrification of our processes.

In 2008, we installed our first solar panels and gradually increased capacity since then. Over the years, this initiative

has contributed to Ferrari’s sustainability goals by increasing the capacity of renewable energy generation in Ferrari S.p.A.

and Mugello Circuit S.p.A.. Progress in previous years has seen a consistent rise in installed capacity, and in 2024, we

doubled the renewable energy self-produced compared to 2023. Looking ahead, plans are in place to further expand the

initiative with the aim of reaching approximately 10 Megawatt peak (MWp) capacity by 2030, doubling the current capacity

of 5 MWp. No significant operational or capital expenditures have been allocated to this action in 2024 or are planned for the

future.

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Moreover, in September 2024, Ferrari switched off the trigeneration plant at its Maranello factory to replace a

significant portion of methane gas consumption with renewable energy sources. The shut down enables an estimated 60

percent annual reduction in Scope 1 and 2 CO2 emissions, and an estimated 70 percent reduction in methane gas consumption

compared to 2021. Ferrari plans to enhance Power Purchase Agreements (PPAs) in the coming years to further accelerate the

transition to renewable energy. No significant operational or capital expenditures have been allocated to this action in 2024 or

are planned for the future.

Ferrari is not involved in coal, oil and gas-related activities.

Our GHG Emissions

In our decarbonization strategy, we focus on our direct emissions as well as on our indirect upstream and

downstream Scope 3 GHG emissions. We believe that concentrating solely on the vehicle use phase is not enough, so in line

with our holistic approach, we need to continue to focus on raw materials.

Constant dialogue with partners in the supply chain is key to identifying innovative approaches to further reduce

GHG emissions.

Starting from 2023, together with our logistics partners we introduced for the first time Hydrotreated Vegetable Oil

(HVO) fuel in most of our European outbound logistics on road. On average this allows us to reduce our GHG emissions for

this sub-category by 80%. This ongoing initiative will continue in the coming years, with the number of routes involved

increasing in 2024 compared to 2023, resulting in further reductions in GHG emissions. No significant operational or capital

expenditures have been allocated to this action in 2024 or are planned for the future.

To sustain our goal of reaching Carbon Neutrality by 2030, involving our dealers is a key part of our strategy. In

2024, we organized the second edition of the Green Dealer Award, aimed at engaging Ferrari Group’s dealers in their

sustainability efforts with a particular focus on decarbonization. Our network was evaluated via three KPIs: energy

consumption, energy reduction versus the previous year and initiatives they have undertaken such as efficiencies, water

savings and also social activities for the local community. This process has allowed us to collect and share on a global level

best practices amongst our dealers, with the project’s effectiveness demonstrated by high levels of participation. In 2024, we

continued this initiative in line with the previous year and we plan to further enhance dealer engagement to foster continuous

improvement. Additionally, this program highlighted the initiatives and projects undertaken by our dealers in support of our

sustainability objectives. No significant operational or capital expenditures have been allocated to this action in 2024 or are

planned for the future.

While we are looking for new solutions to decarbonize our business, the indirect GHG emissions, for which we will

not find reduction actions, will be managed through the purchase of certified carbon avoidance.

We calculate our carbon footprint considering the GHG emissions related to all Group activities over our entire

value chain, based on the GHG Protocol and the ISO 14064-1:2018 methodologies and is verified by a third-party under the

limited assurance engagement of this Statement. Scope 1 & 2 emissions (except fugitive and industrial processes) are

calculated using the Energy-based method, with primary data serving as the basis for consumption data. Fugitive and

industrial process emissions are calculated using the Activity-based method, also relying on primary data.

In order to define which Scope 3 categories are significant for the Company, we carried out a significance analysis

according to the indications of the ISO 14064-1:2018. Hereafter the Scope 3 categories reported:

a. Category 3.1, Upstream transportation and distribution (similar to category 4 of the GHG Protocol):

i. Transportation and distribution of products purchased between its tier 1 suppliers and its own operations (in

vehicles and facilities not owned or controlled by Ferrari);

ii. Transportation and distribution services purchased, including inbound logistics, and transportation and

distribution between its own facilities (in vehicles and facilities not owned or controlled by Ferrari);

b. Category 3.2, Downstream transportation and distribution (similar to category 9 of the GHG Protocol):

i. Transportation and distribution of products sold between its operations and the end consumer, including

retail and storage (in vehicles and facilities not owned or controlled by Ferrari);

c. Category 3.3, Employee commuting (category 7 of the GHG Protocol): Transportation of employees between their

homes and their worksites.

26 As defined in the ISO 14064-1.

27 As defined in the GHG protocol: supplier-specific method uses primary data from the supplier; distance based method uses the mass, distance, and mode

of each shipment, then applies the appropriate mass-distance emission factor for the vehicle used ; activity data uses specific emission factors together with

available activity data (mass, energy consumption, etc); average data method uses industrial average emission factors together with available activity data;

spend base method uses the economic value of a good or a service together with a secondary data emission factor.

28 The GHG emissions of this category were calculated using the emission factors of the Ecoinvent database (v3.9.1) through the SimaPro tool.

221

d. Category 3.4, Business travel (category 6 of the GHG Protocol): Transportation of employees for business-related

activities (in vehicles not owned or operated by Ferrari);

e. Category 4.1, Purchased goods (part of category 1 and category 3 of the GHG Protocol): Extraction and production

of goods and fuels purchased or acquired;

f. Category 4.2, Capital goods (category 2 of the GHG Protocol): Extraction and production of capital goods purchased

or acquired;

g. Category 4.5, Use of services (part of category 1 of the GHG Protocol): Production of services purchased or

acquired;

h. Category 5.1, Use stage of products (category 11 of the GHG Protocol): End use of goods and services sold;

i. Category 6.1, Franchises (category 14 of the GHG Protocol): The Scope 1 and Scope 2 emissions of franchisees,

Ferrari reports its dealers and workshops in this category.

Based on the methodology applied in 2024, the table below shows the details for each GHG emissions category. The

methodology allows for judgment calls resulting in a range of possible outcomes and is subject to annual reviews to improve

the calculation of the Company’s GHG emissions, resulting in some cases in incomparability between one year and another.

Through the software SimaPro, it is possible to perform a Monte Carlo analysis, which is a numerical way to process

uncertainty data and establish an uncertainty range in the calculated results. The Coefficient of Variability (CV - %, disclosed

in the table below) allows to quantitatively evaluate the uncertainty. The acceptability ranges set for the CV resulting from

the analysis are as follows:

• CV ≤ 5% | very good

• CV > 5% and ≤ 15% | good

• CV > 15% and ≤ 25% | acceptable

• CV > 25% | not acceptable

In the next few years, we aim to use more primary data in the categories 4.2 and 4.5 in order to reduce the higher

level of uncertainty, mainly due to the Spend-based method used for the calculations of these categories.


Scope 3 Category 26		Included	Methodology				Uncertainty
Scope 3 Category 26		Included	Source	Method 27	Emission factors	Assumptions	CV [%]
Category 3.1	Upstream transportation and distribution	Yes	Delivery inbound documents, Supplier specific data	Supplier specific method, Distance based method	Ecoinvent, Supplier specific	December 2024 estimated based on the Jan-Nov actual data. Calculation is based on distance between Tier 1 supplier and Ferrari.	3.6
Category 3.2	Downstream transportation and distribution	Yes	Delivery outbound documents, Supplier specific data	Supplier specific method, Distance based method	Supplier specific, Ecoinvent 28	December 2024 estimated based on the Jan-Nov actual data. Calculation is based on distance between Ferrari and the dealer.	5.0
Category 3.3	Employee commuting	Yes	Internal database, Internal survey	Distance based method	DEFRA	Foreign employees are estimated based on the average value of Italian employees. November and December 2024 estimated based on the Jan-Oct actual data. Calculation is based on the distance between the home address and the working site.	10.6

29 The GHG emissions of this category were calculated using the emission factors indicated in “ghg-conversion-factors-2024-

full_set__for_advanced_users; v1.0”, published by the Department for Environment Food & Rural Affairs (DEFRA) of the UK government.

30 The GHG emissions of this category were calculated using the Extended Environmental Input-Output (EEIO) factors indicated in “Consumption based

accounting tool: 2022”, published by Eurostat.

31 The GHG emissions of this category were calculated using the emission factors of the WLTP homologation in the European Union.

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Category 3.4	Business travel	Yes	Supplier data extraction, Scuderia Ferrari logistic plans, LMH logistic plans	Supplier specific method, Distance based method, Average data method	Ecoinvent, Supplier specific, DEFRA 29	Foreign employees travels are included in category 4.5 (Use of services). For Sports Cars, calculation is based mainly on the actual distance travelled combined with the mode of transport; for Racing, calculation is based on logistic plans	5.5
Category 4.1	Purchased goods	Yes	Warehouse inbound documents, Supplier specific data, Invoices (fuel and energy)	Supplier specific method, Hybrid method, Average data method, Activity data method	Ecoinvent, Supplier specific,	Raw materials processing and manufacturing is included only for more relevant components. Includes Fuel and Energy activities as per ISO 14064:2018 December 2024 estimated based on the Jan-Nov actual data. Calculation is mainly based on the composition of products associated with the correct emission factor.	6.3
Category 4.2	Capital Goods	Yes	Verified data included in Financial Reports	Spend based method	EEIO 30	December 2024 estimated based on the Jan-Nov actual data. Calculation is based on the capex asset category associated with the related spending emission factor.	21.3
Category 4.3	Disposal of solid and liquid waste	No: not material (< 5% of category 4)	—	—	—	—	—
Category 4.4	Use of assets	No: not material (<5% of category 4)	—	—	—	—	—
Category 4.5	Use of services	Yes	Supplier specific data, Verified data included in Financial Reports (Services)	Supplier specific method, Spend based method	Supplier specific, EEIO	December 2024 estimated based on the Jan-Nov actual data. Calculation is based on the chart of accounts associated with the related spending emission factor.	21.1
Category 5.1	Use stage of products	Yes	Official homologation process	Average data method	IEA, Ecoinvent, Homologation 31	Direct and indirect use phase emissions (Well to Wheel approach). Calculation is based on the total life cycle distance of each model multiplied by homologated European data (Tank-to-wheel) and the upstream emission factor (Well-to-tank).	5.1

32 The GHG emissions of this category were calculated using the "Emission factors 2024", published by the International Energy Agency (IEA).

33 Biogenic emissions are included in the calculation of our GHG emissions.

34 The emissions reported for 2024 have been calculated according to the requirements of ISO 14064-1:2018 This standard allows for judgment calls

resulting in a range of possible outcomes. Therefore, no comparison of the disclosed data is possible with other studies unless methodology and data

assumptions are exactly the same. The GWP 100 of the “Sixth Assessment Report” published by the IPCC has been used. The gases included in the

calculation of the GHG emissions are: CO2, CH4, N 2O, HFCs and other refrigerant gases, whereas PFC, SF 6 and NF3 emissions are not considered. The

methodology has been updated compared to the one applied in 2021, with the 2024 methodology the 2021 GHG emissions are distributed differently among

the ISO 14064 categories, leading to an increase from 751 ktCO2eq to 977 ktCO2eq of the total GHG emissions.

35 We consider as under our operational control the museum Enzo Ferrari in Modena.

36 The Scope 1&2 target is indicated in Scope 1, Scope 3 specific targets are indicated in table “E1—Climate change—Our targets”.

37 Direct greenhouse gas emissions, measured in tons of CO2eq, were calculated using emission factors indicated in “Ecoinvent 3.9.1” database.

38 Not applicable because not disclosed.

39 Market-based indirect greenhouse gas emissions, measured in tons of CO2eq, were calculated using the Residual Mix emission factors indicated in “2023

European Residual Mixes, V.1.0”, published by AIB, and “Emissions Factors 2024”, published by International Energy Agency (IEA). The Group purchases

Guarantee of Origin (GO) certificates in order to reduce the impact of CO2eq emissions in the atmosphere.

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Category 5.2	Downstream leased assets	No: not relevant for Ferrari and not material (<5% of category 5)	—	—	—	—	—
Category 5.3	End-of-Life stage of products	No: Ferrari cars are collectibl e and not disposed of. Not material (<5% of category 5)	—	—	—	—	—
Category 5.4	Investments	No: not material (< 5% of category 5)	—	—	—	—	—
Category 6.1	Franchises	Yes	Internal data collection	Activity data method	Ecoinvent, IEA 32	Full year estimated based on Oct 23 - Sept 24 data. Calculation is based on the actual energy consumption data of the dealers and workshops.	5.3

2024 Ferrari Group Carbon Footprint 33,34


Unit of measurement: t	2024 Operational control only 35	2024 Financial control	2024	2021 (Base year)	Target 2025	Target 2030 36	Target % Base year
Total Scope 1 37	102	65,236	65,338	90,832	N/A 38	10,000	(28)%
SHARE of Scope 1 covered by ETS	—%	81%	81%	87%	N/A	N/A	N/A
Total Scope 2 (location-based method) 39	196	27,895	28,091	12,749	N/A	N/A	120%

40 Location-based indirect greenhouse gas emissions, measured in tons of CO2eq, were calculated using the emission factor indicated in “Emissions Factors

2024”, published by International Energy Agency (IEA).

41 The gross Scope 1 and Scope 2 GHG emissions do not include any removals, or any purchased, sold or transferred carbon credits or GHG allowances.

224


Total Scope 2 (market-based method) 40	—	598	598	1,884	N/A	N/A	(68%)
Cat 3.1 - Upstream transport and logistics	—	20,592	20,592	16,923	N/A	N/A	22%
Cat 3.2 - Downstream transport and logistics	—	11,357	11,357	12,290	N/A	N/A	(8%)
Cat 3.3 - Employee Commuting	—	3,618	3,618	2,568	N/A	N/A	41%
Cat 3.4 - Business Travel	—	8,194	8,194	2,820	N/A	N/A	191%
Cat 4.1 - Purchased Goods	—	375,905	375,905	348,265	N/A	N/A	8%
Cat 4.2 - Capital Goods	—	81,885	81,885	111,553	N/A	N/A	(27%)
Cat 4.5 - Use of Services	—	100,505	100,505	96,549	N/A	N/A	4%
Cat 5.1 - Use stage of products	—	338,256	338,256	261,096	N/A	N/A	30%
Cat 6.1 - Franchises	—	26,870	26,870	31,964	N/A	N/A	(16%)
Total Scope 3	—	967,182	967,182	884,028	N/A	690,000	9%


Unit of measurement: tCO2eq	2024 Operational control only	2024 Financial control	2024	2021 (Base year)	Target 2025	Target 2030	Target % Base year
Total Emissions (location- based)	298	1,060,313	1,060,611	987,609	N/A	N/A	7.4%
Total Emissions (market- based)	102	1,033,016	1,033,118	976,744	N/A	700,000	5.8%

The gross 2024 GHG emissions 41 deriving from the Maranello and Modena plants, from the Mugello racing circuit

and from our stores, museums, subsidiaries’ offices and other facilities (Scope 1 and Scope 2 market-based), are equal to

65,936 tCO2eq, compared to 92,716 tCO2eq in 2021. 2024 Scope 3 emissions are equal to 967,182 tCO2eq compared to 884,028

tCO2eq in 2021.

In 2024, our Scope 1 GHG emissions decreased by 28% compared to 2021, mainly due to the shutdown of the

trigeneration plant in Maranello.

Our Scope 2 (market-based method) GHG emissions decreased by 70 percent compared to 2021 as we continued to

purchase Guarantee of Origin certificates for renewable energy for our production plants in Maranello and Modena, and for

the Mugello circuit. Since 2024, we have included the museums and the Italian stores in the list of locations covered by

Guarantee of Origin certificates.

Our Scope 2 (location-based method) GHG emissions increased due to the gradual shift from natural gas to

electricity in our production plants.

As shown in the tables below, the majority of the Scope 1 and Scope 2 emissions occurs in Italy, primarily at our

production plants in Maranello and Modena. In 2024, Scope 1 emissions produced in Italy decreased by approximately 14

percent compared to 2023.


Unit of measurement: tCO2eq Scope 1	2024	2023
Italy	64,332	75,172
Rest of the world	1,006	237
Total Scope 1 emissions	65,338	75,409

225


Unit of measurement: tCO2eq Scope 2 Location based	2024	2023
Italy	27,567	20,422
Rest of the world	524	962
Total Scope 2 location-based emissions	28,091	21,384


Unit of measurement: tCO2eq Scope 2 Market based	2024	2023
Italy	68	1,302
Rest of the world	530	980
Total Scope 2 Market-based emissions	598	2,282

Our scope 3 emissions related to 2024 are higher than those related to 2021, due to an increase in shipments of road

cars (from 11,155 units in 2021 to 13,752 in 2024). The emissions per shipped car have decreased from 87.8 tons CO2eq/car in

2021 to 75.1 tons CO2eq/car in 2024 (-14%).

Analyzing the most significant variations with respect to the base year 2021, we can report that the increase in the

number of units shipped has affected in particular the following categories: “3.1 Emissions from upstream transport and

distribution for goods”; “4.1 Emissions from purchased goods”; “5.1 Emissions from use stage of the product”. For the

category “3.1 Emissions from upstream transport and distribution for goods”, the increase is also due to a higher share of

primary data. The change in the category “3.2 Emissions from downstream transport and distribution for goods” is related to

a shift from air freight to sea freight and the use of Hydrotreated Vegetable Oil (HVO) in the European outbound logistics on

road. The change in the category “3.3 Emission from employee commuting” is due to the higher number of employees as

well as the reduction in the number of days of working from home. The change in category “3.4 Emissions from business

travel” is related to the fact that employee travel for work purposes has now returned close to pre-pandemic levels. The

change in categories “4.2 Emissions from capital goods” and “6.1 Emissions from franchises” is mainly due to a reduction in

the emission factors.

In 2024, 12.7 percent of Scope 3 data has been calculated using primary data directly obtained from our value chain

partners.

As shown in the table below, we managed to decouple our economic growth from our environmental impact. In

other words, we continue growing our business activities while at the same time reducing our Scope 1 and 2 market-based

GHG emissions.


	2024	2021 (Base year)	2024 vs 2021 (%)
Net revenues [€ million]	6,677	4,271	56%
GHG intensity (All Scopes location-based) [tCO2eq / € million]	158.9	231.2	(31%)
GHG intensity (All Scopes market-based) [tCO2eq / € million]	154.7	228.7	(32%)

For more details on net revenues, please refer to the “Consolidated Financial Statement—Net revenues” paragraph

of the Financial Statement.

Below our biogenic emission:


Unit of measurement: tCO2eq	2024
Scope 1 Biogenic emissions	4
Scope 2 Biogenic emissions	—
Scope 3 Biogenic emissions	219
Total Biogenic emissions	223

GHG removals and GHG mitigation projects financed through carbon credits

226

Along with the implementation of GHG emission reduction initiatives, we recognize the critical importance of

addressing residual emissions by supporting certified carbon avoidance projects through the purchase of carbon avoidance

credits. By combining emission reduction measures with climate contributions to certified carbon avoidance projects, we

have achieved Carbon Neutrality for Scope 1 and 2 GHG emissions in all our operations for 2021, 2022, and 2023.

As our planned reduction initiatives continue to drive a sustained decrease in emissions by at least 90 percent of our

Scope 1 and 2 absolute tCO2eq emissions by 2030 versus 2021, we will progressively adjust our climate contribution activities

accordingly.

Carbon credits cancelled in the reporting year


	2024	2023
Total (tCO2eq)	77,691	84,012
Share from reduction projects (%)	1 project – Sustainability Community Project (100% Canada)	1 project – Sustainability Community Project (100% Canada)
Share from removal projects (%)	0 projects	0 projects
Verified Carbon Standard (VCS) - Verra	100%	100%
Share from projects within the EU (%)	—	—
Share of carbon credits that qualify as corresponding adjustments (%)	—	—

Since 2022, we have partnered with ClimateSeed to support a unique carbon avoidance project, the Sustainability

Community Project in Canada (currently we do not have projects in the EU). This project is certified by the Verified Carbon

Standard (VCS) – Verra, one of the most recognized GHG crediting programs. The Sustainability Community Project pools

more than 800 local carbon-reduction micro-projects by SMEs, municipalities, and NGOs together to provide high additional

social impacts. The GHG reductions come from diverse sources of individual activities such as improved energy efficiency

for buildings, redirection of waste away from landfills, and promotion of fuel-switching activities. Since contributing to this

project, the project developer has been innovating how it manages and monitors the micro-projects through digital solutions

to scale the onboarding of new projects and digitally manage the carbon emissions inventory. The project carrier is

continuously searching for new SME prospects to join their sustainable community, which includes more than 150 members

and more than 1 thousand buildings in the province of Quebec. The project’s main objective is to bring up to 10 thousand

customer facilities together in a “sustainable community” to reduce GHG emissions.

During 2024, we cancelled 77,691 tCO2eq of carbon credits.

Beyond Verra’s project certification, ClimateSeed has developed a comprehensive Project Evaluation Framework

that assesses all critical dimensions of a project, including additionality, permanence, leakage, social safeguards and rights,

benefit-sharing structures, biodiversity impacts, and co-benefits aligned with the Sustainable Development Goals (SDGs).

ClimateSeed’s Project Evaluation Framework provides a thorough, multidimensional analysis, highlighting each project’s

strengths and potential risks. This approach enables informed decision-making and ensures the highest standards of

environmental and social integrity. In addition, ClimateSeed conducts rigorous due diligence on project carriers, identifying

the ultimate beneficial owners behind each project to mitigate risks related to money laundering and terrorist financing.

Furthermore, ClimateSeed upholds fair and transparent pricing principles, ensuring: no resale or secondary market

transactions, direct carbon credit retirement on behalf of Ferrari, full traceability and accountability in every transaction.

To reach Carbon Neutrality, our ambition is to cancel carbon credits outside the undertaking’s value chain for the

amount of unavoidable emissions and for which we will not find reduction actions. To date we have in place a framework

agreement, and each year we define the precise amounts of carbon credits to cancel.

As of today, Ferrari has not developed GHG removals and storage projects.

European Union Emission Trading System (EU-ETS)

Ferrari’s production plant in Maranello is subject to the European Union Emissions Trading System (EU-ETS). To

be compliant with the EU Emissions Trading System (ETS), ad hoc procedures have been put in place in order to monitor and

42 Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable

investment, and amending Regulation (EU) 2019/2088.

227

measure the emissions covered by the ETS. A specific monitoring plan has been established according to the requirements of

the regulation, which is verified by a third party annually. Every year the emissions covered by the ETS are verified by an

independent third party and the corresponding amount of allowances are included in The Union Registry, which guarantees

accurate accounting for all allowances issued under the EU emissions trading system. Deadlines control and compliance with

the rules of the mechanism are entrusted to the Competent National Authorities (ANC). The monitoring and management of

the activities related to ETS is assigned to a team led by the Head of Infrastructures, Ecology and Health & Safety. This team

monitors, on a monthly basis, the status of our relevant GHG emissions in relation to the compliance status and factor the

costs of exceeding the allocated allowances into our financial planning process. To do so, we have installed several meters in

our plants, and we receive monthly invoices from the natural gas provider that confirms the values from the meters. We are

exploring further solutions to reduce our overall gas consumption in the coming years. We also assess the further

development of the cap-and-trade schemes and resulting potential financial risk for the Company via our Enterprise Risk

Management. Additionally, the shutdown of the trigeneration plant, the main contributor to Scope 1 emissions, has reduced

our EU-ETS-related costs. In 2024, 81 percent of Scope 1 emissions were covered by EU-ETS.

Based on the average price of EU-ETS credits in 2024, we defined an internal carbon price, i.e., a shadow price, to

conduct cost-benefit analyses and reduce upstream value chain emissions on specific projects. The scopes covered by our

internal carbon pricing scheme are:

– Category 3.1 - Upstream transportation and distribution

– Category 3.2 - Downstream transportation and distribution.

– Category 4.1 - Purchased goods

– Category 4.5 - Use of services

These projects will be implemented in the next few years, in 2024 there were no GHG emission covered by these

schemes. The implementation of climate-related policies and targets is not incentivized by the presence of an internal carbon

price.

EU Taxonomy

In order to meet the objectives of the European green deal and to establish a unified EU classification system of

environmentally sustainable economic activities, the European Commission published in June 2020 Regulation (EU)

2020/852, the “Taxonomy Regulation”42.

The EU Taxonomy identifies the following six environmental objectives:

a) climate change mitigation;

b) climate change adaptation;

c) sustainable use and protection of water and marine resources;

d) transition to a circular economy;

e) pollution prevention and control; and

f) protection and restoration of biodiversity and ecosystems.

Taxonomy-aligned activities are those that comply with the requirements laid down in Article 3 of the Taxonomy

Regulation:

• substantially contributes to one or more of the environmental objectives by meeting the technical screening criteria

defined for this economic activity;

• does no significant harm to the other five objectives; and

• complies with minimum safeguards.

OUR REPORTING REQUIREMENTS

Article 8 of the Taxonomy Regulation requires non-financial undertakings to disclose information on the proportion

of the turnover, capital expenditure and operating expenditure (“key performance indicators”) of their activities related to

assets or processes associated with environmentally sustainable economic activities.

43 - Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the

Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing

substantially to climate change mitigation or climate change adaptation and for determining whether that economic activity causes no significant harm to

any of the other environmental objectives. In June 2023, the Commission approved new criteria for economic activities contributing to the remaining 4

environmental objectives (in addition to the first two objectives of climate change mitigation and adaptation to climate change) and amendments to

delegated climate acts. With reference to this reporting exercise, only the verification of applicability (c.d. eligibility) is required for these remaining 4

objectives.

- Commission Delegated Regulation (EU) 2023/2485 of June 27, 2023 amending Delegated Regulation (EU) 2021/2139 establishing additional technical

screening criteria for determining the conditions under which certain economic activities qualify as contributing substantially to climate change mitigation

or climate change adaptation and for determining whether those activities cause no significant harm to any of the other environmental objectives.

- Commission Delegated Regulation (EU) 2023/2486 of June 27,2023 supplementing Regulation (EU) 2020/852 of the European Parliament and of the

Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing

substantially to the sustainable use and protection of water and marine resources, to the transition to a circular economy, to pollution prevention and

control, or to the protection and restoration of biodiversity and ecosystems and for determining whether that economic activity causes no significant harm to

any of the other environmental objectives and amending Commission Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those

economic activities.

44 Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the

Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU

concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation.

228

The Commission adopted and published the EU Taxonomy Delegated Acts43 to implement the Taxonomy

Regulation. The Commission adopted in July 2021, a delegated act that specifies the disclosure obligations of undertakings

under Article 8 of the Taxonomy Regulation with respect to the Taxonomy-eligibility and alignment of their activities

(“Disclosures Delegated Act”)44.

OUR APPROACH TO DISCLOSURE

Ferrari has been developing specific analysis to respond to such disclosure requirements. A study was performed in

accordance with the following methodological steps, briefly described below:

Analysis of the economic activities of Ferrari eligible and aligned to the EU Taxonomy

We thoroughly analyzed the requirements established by the Taxonomy Regulation and the Commission’s FAQs,

identifying the economic activity 3.3 “Manufacture of low carbon technologies for transport” as the one that correlates the

most with Ferrari’s core activities and operations. Further linkages can be found with the economic activity 6.5 “Transport by

motorbikes, passenger cars and light commercial vehicles”, with particular reference to our financial services activities. Such

a process was conducted by analyzing both formal Ferrari-related NACE codes as well as its substantial business activities

and operations in comparison to the list provided by the EU Taxonomy. For both of these activities, the environmental

objective most consistent with respect to Ferrari’s business is climate change mitigation. Further residual Ferrari activities

and operations are currently considered not pertinent to other Taxonomy-related economic activities and/or not significant for

the purpose of this disclosure.

Substantial contribution

In the Annexes I and II of the Commission Delegated Regulation (EU) 2021/2139 of June 4, 2021 are established

the Technical Screening Criteria for determining the conditions under which a specific economic activity qualifies as

contributing substantially to climate change mitigation or climate change adaptation, respectively. Consequently, those

Technical Screening Criteria specify the minimum requirements that the economic activity should meet in order to qualify as

environmentally sustainable. In 2024, Ferrari conducted a detailed analysis of all Technical Screening Criteria related to

economic activities 3.3 and 6.5 to determine the share of Turnover, Capital Expenditure (CapEx) and Operating Expenditure

(OpEx) aligned with these requirements. From the analysis performed, all the technical screening criteria for substantial

contribution to climate change mitigation are met.

Do no significant harm (DNSH)

The Climate Delegated Act establishes, for the climate change mitigation and climate change adaptation

environmental objectives, Technical Screening Criteria for determining whether that economic activity causes no significant

harm to one or more of the environmental objectives laid down in Article 9 of the Taxonomy Regulation. Similarly, the

Environmental Delegated Act establishes Technical Screening Criteria for the remaining four environmental objectives. The

45 The financial data included in these KPIs are a portion of group net revenues included in the Consolidated Financial Statements, Note 4 and “Financial

Overview—Results of Operations ” sections.

229

Technical Screening Criteria for “do no significant harm” should ensure that the economic activity has no significant negative

environmental impact. In 2024, Ferrari conducted a detailed analysis of all DNSH criteria related to economic activities 3.3

and 6.5, including the requirements outlined in the Appendixes to Annex I of the Climate Delegated Act, to verify alignment

with the EU Taxonomy. From the analysis performed, we met the DNSH outlined in Delegated Regulation 2021/2139 under

the economic activities 3.3 and 6.5 except for a minimal quantity of a substance listed in Appendix C point c) “substances,

whether on their own, in mixture or in articles, listed in Annexes I or II to Regulation (EC) No 1005/2009 of the European

Parliament and of the Council”.

Respect of the Minimum safeguards

The minimum safeguards referred to in point (c) of Article 3 and Article 18 of the Taxonomy Regulation are

represented by procedures implemented by an undertaking that is carrying out an economic activity to ensure the alignment

with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights.

Those procedures include the principles and rights set out in the eight fundamental conventions identified in the Declaration

of the International Labour Organisation (ILO) on Fundamental Principles and Rights at Work and the International Bill of

Human Rights. In order to verify compliance with Minimum safeguards on its activities, Ferrari conducted and updated an

analysis in light of the information reported in the Final Report on Minimum Safeguards published by the Platform on

Sustainable Finance in October 2022, and Commission's FAQs.

Ferrari is compliant with the safeguards regarding human rights in our activities, grievance mechanisms, anti-

corruption, competition and taxation. Furthermore, we are developing actions aimed at ensuring full compliance with

safeguards, through the development of a state-of-the-art corporate due diligence processes on human rights that will involve

our business partners both upstream and downstream. Suppliers were selected based on risk criteria (strategic relevance,

geographical location, company size, supplier strategy, product category or service). This initiative is the starting point of a

structured ESG due diligence activity. This approach, integrated into our integrity framework, will be carried out in

accordance with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human

Rights (UNGPs). Through this, it will be possible to classify such business activity as Taxonomy-aligned.

Analysis of 2024 Ferrari Turnover, Capital Expenditure and Operating Expenditure and calculation of EU

Taxonomy-related KPIs.

We analyzed our turnover, capital and operating expenditure for the calculation of the KPIs requested pursuant to

the Taxonomy Regulation and related documentation, according to our current interpretation of the applicable requirements.

Potential double counting in the allocation in the numerator of turnover, capital expenditure and operating

expenditure has been avoided through the use of the financial information which are at the base of the Consolidated Financial

Statements as of December 31, 2024.

Turnover45 KPI:

a. Regarding the denominator, we based it on our consolidated net turnover in accordance with IAS 1.82(a). For further

details on our accounting policies regarding our consolidated net turnover please refer to the Consolidated Financial

Statements of our Annual Report.

b. Regarding the numerator, we analyzed our potential turnover derived from products or services in line with the

previous mentioned assumptions:

• we considered as “eligible”: the revenues related to the shipments of our cars, any personalization

generated and to financial services activities. We take into consideration the eligible activities which

contribute at least 1 percent of total Group revenues.

• we considered as “aligned”: the revenues related to the shipments of our cars and to financial services

activities if these cars classified as light-duty vehicles with specific emissions of CO2, as defined in Article

3(1), point (h), of Regulation (EU) 2019/631, lower than 50 g CO2/km (low-and zero-emission light-duty

vehicles) and at the same time respects both the compliance with all DNSH criteria listed in the Delegated

Regulation 2021/2139 for such activities and the fulfillment of the minimum safeguards. As of 2024, our

sports cars are above the required emissions threshold;

46 EL – Eligible, Taxonomy-eligible activity for the relevant environmental objective; N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant

environmental objective.

The “code” constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as the

section number of the activity in the relevant Annex covering the objective, i.e.: Climate Change Mitigation: CCM; Climate Change Adaptation: CCA;

Water and Marine Resources: WTR; Circular Economy: CE; Pollution Prevention and Control: PPC; Biodiversity and ecosystems: BIO.

230

• we considered as “not eligible”: the revenues generated from the sales of spare parts as well as of engines to

Maserati for the use in their cars and from the rental of engines to other Formula 1 racing teams; the

revenues earned by our racing teams (mainly in the Formula 1 World Championship and the World

Endurance Championship) through sponsorship agreements and our share of the Formula 1 World

Championship commercial revenues; the net revenues generated through the Ferrari brand, including

fashion collection, merchandising, licensing and royalty income; any other revenue, primarily related to the

management of the Mugello racetrack and other sports-related activities.

• we considered as “not aligned”: the revenues related to the shipments of our cars and to financial services

activities that have not met one or more of the Technical Screening Criteria specified in the Delegated

Regulations or that do not fulfil the minimum safeguards specified in the Article 18 of the Taxonomy

Regulation.

PORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED

ECONOMIC ACTIVITIES - DISCLOSURE COVERING YEAR 202446

In 2024, the taxonomy-eligible turnover share decreased from the previous year, mainly due to the reclassification of

the eligibility of certain other revenues.

PORTION OF TURNOVER/TOTAL TURNOVER


	Taxonomy-aligned per objective	Taxonomy-eligible per objective
CCM	—%	76%
CCA	—%	—%
WTR	—%	—%
CE	—%	—%
PPC	—%	—%
BIO	—%	—%

47 The financial data included in these KPIs are a portion of group Capital Expenditures included in the Consolidated Financial Statements, notes 14 and

15.

231

As outlined in our 2022-2026 Strategic Plan announced during the 2022 Capital Markets Day, the first full electric

Ferrari will be launched in the fourth quarter of 2025. Therefore, to date, such revenues are equal to zero.

Capital Expenditure47 KPI:

c. Regarding the denominator, it consists of additions to tangible and intangible fixed assets during the financial year,

before depreciation, amortization and any re-measurements, including those resulting from revaluations and

impairments, as well as excluding changes in fair value. It includes acquisitions of tangible fixed assets (IAS 16),

intangible fixed assets (IAS 38) and right-of-use assets (IFRS 16). Additions resulting from business combinations

are also included. Goodwill and borrowing costs are not included in the denominator, as it is not defined as a

tangible or intangible asset in accordance with IAS 16 and IAS 38. For further details on our accounting policies

regarding our capital expenditure, please refer to the Consolidated Financial Statements of our Annual Report.

d. Regarding the numerator, we analyzed our capital expenditures in line with the previous mentioned assumptions:

• we considered as “eligible”:

– the additions of tangible assets related to our production facilities in Maranello and Modena, plus our

subsidiaries (excluding racetrack management and retail business) as well as financial services

activities;

– the additions of intangible assets related to externally acquired and internally generated development

costs for our cars as well as patents, concessions and licenses and other intangible assets mainly related

to the registration of trademarks.

• we considered as “aligned”: the additions of tangible and intangible assets related to the development and

production of vehicles, that in particular classify as light-duty vehicles with specific emissions of CO2, as

defined in Article 3(1), point (h), of Regulation (EU) 2019/631, lower than 50 g CO2/km (low-and zero-

emission light-duty vehicles). Moreover, we consider the additions of tangible and intangible assets related

to the plan to allow Taxonomy-eligible economic activities to become Taxonomy-aligned (“CapEx plan”)

under the conditions specified in the second subparagraph of the point 1.1.2.2 of Annex 1 of the Disclosure

Delegated Act. At the same time, both the compliance with all DNSH criteria listed in the Delegated

Regulation 2021/2139 for such activities and the fulfillment of the minimum safeguards as per Article 3

and 18 of the Taxonomy Regulation was verified;

• we considered as “not eligible”: the remaining additions of tangible and intangible assets.

• we considered as “not aligned”: the additions of tangible and intangible assets related to the development

and production of our vehicles that have not met one or more of the Technical Screening Criteria specified

in the Delegated Regulations or that do not fulfil the minimum safeguards specified in the Article 18 of the

Taxonomy Regulation.

48 EL – Eligible, Taxonomy-eligible activity for the relevant environmental objective; N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant

environmental objective.

The “code” constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as the

section number of the activity in the relevant Annex covering the objective, i.e.: Climate Change Mitigation: CCM; Climate Change Adaptation: CCA;

Water and Marine Resources: WTR; Circular Economy: CE; Pollution Prevention and Control: PPC; Biodiversity and ecosystems: BIO.

49 The financial data included in these KPIs are a portion of group Operating Expenditures included in the Consolidated Financial Statements.

232

PORTION OF CAPITAL EXPENDITURE FROM PRODUCTS OR SERVICES ASSOCIATED WITH

TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - DISCLOSURE COVERING YEAR 202448

PORTION OF CAPEX/TOTAL CAPEX


	Taxonomy-aligned per objective	Taxonomy-eligible per objective
CCM	—%	92%
CCA	—%	—%
WTR	—%	—%
CE	—%	—%
PPC	—%	—%
BIO	—%	—%

In 2024, capital expenditures increased in absolute terms for both taxonomy-eligible and non-eligible categories, the

latter growing faster than the former, primarily due to the increase of right-of-use assets (IFRS 16), resulting in a 2 percent

decrease in the eligibility share compared to the previous year.

We compiled the financial figures based on the vehicle model and powertrain technology and we included the

capital expenditure that are initially directly attributed to electric vehicles. Furthermore, we included in the capital

expenditure all other activities that according to our medium-term planning, up to 2026, will contribute to the production of

electric vehicles. Capital expenditure that was not clearly attributable to a particular vehicle was taken into account on a

proportionate basis using allocation formulas.

Operating Expenditure49 KPI:

50 EL – Eligible, Taxonomy-eligible activity for the relevant environmental objective; N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant

environmental objective.

The “code” constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as the

section number of the activity in the relevant Annex covering the objective, i.e.: Climate Change Mitigation: CCM; Climate Change Adaptation: CCA;

Water and Marine Resources: WTR; Circular Economy: CE; Pollution Prevention and Control: PPC; Biodiversity and ecosystems: BIO.

233

e. Regarding the denominator, it consists of direct non-capitalized costs that relate to research and development,

building renovation measures, short-term lease, maintenance and repair, and any other direct expenditures relating to

the day-to-day servicing of assets of property, plant and equipment.

f. Regarding the numerator, we analyzed our direct non-capitalized costs in line with the previous mentioned

assumptions:

• we considered as “eligible”:

– the direct non-capitalized costs that primarily relate to research and development activities, including

Formula 1 racing as well as development activities to support the innovation of our product portfolio

and components, in particular, in relation to electric and other new technologies,

– the maintenance expenditures related to the manufacturing of our vehicles, and our subsidiaries

(excluding racetrack management and retail business) as well as those related to financial services

activities;

• we considered as “aligned”: the direct non-capitalized costs related to the development and production of

vehicles, that in particular classify as light-duty vehicles with specific emissions of CO2, as defined in

Article 3(1), point (h), of Regulation (EU) 2019/631, lower than 50 g CO2/km (low-and zero-emission

light-duty vehicles). Moreover, we consider the direct non-capitalized costs related to the CapEx plan to

allow Taxonomy-eligible economic activities to become Taxonomy-aligned within a predefined timeframe

as set out in the second paragraph of the point 1.1.3.2 of Annex 1 of the Disclosure Delegated Act. At the

same time, both the compliance with all DNSH criteria listed in the Delegated Regulation 2021/2139 for

such activities and the fulfillment of the minimum safeguards as per Article 3 and 18 of the EU Taxonomy

Regulation was verified;

• we considered as “not eligible”: the remaining direct non-capitalized costs.

• we considered as “not aligned”: the direct non-capitalized costs related to the development and production

of our vehicles that have not met one or more of the Technical Screening Criteria specified in the Delegated

Regulations or that do not fulfil the minimum safeguards specified in the Article 18 of the Taxonomy

Regulation.

PORTION OF OPERATING EXPENDITURE FROM PRODUCTS OR SERVICES ASSOCIATED WITH

TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - DISCLOSURE COVERING YEAR 202450

51 Delegated Regulation (EU) 2022_1214 of 9 March 2022.

234

PORTION OF OPEX/TOTAL OPEX


	Taxonomy-aligned per objective	Taxonomy-eligible per objective
CCM	—%	100%
CCA	—%	—%
WTR	—%	—%
CE	—%	—%
PPC	—%	—%
BIO	—%	—%

In 2024, the taxonomy-eligible operating expenditure share has remained stable from the previous year.

Potential double counting in the allocation in the numerator of Turnover, capital expenditure and operating

expenditure has been avoided through the use of the financial information which are at the base of the Consolidated Financial

Statements as of December 31, 2024.

Further analysis will be made over time according to the progressive evolution of the Taxonomy Regulation, and its

concrete interpretation/application for reporting purposes in accordance with Ferrari’s strategic approach.

In order to truly understand the importance and actions that Ferrari is putting in place to achieve the climate

mitigation objective, it should be noted our pursuit of reaching Carbon Neutrality by 2030, addressing both direct and indirect

emissions with a focus on energy and materials, in addition to our electrification journey. As a further step forward in this

process, since 2019 we are monitoring our carbon footprint considering the emissions related to all the Group activities over

our entire value chain. Our calculation, based on GHG protocol and ISO 14064:2018 methodologies, allowed us to determine

priority areas for action. We have the ambition to expanding our Taxonomy-aligned activities through dedicated investment

(“CapEx Plan”) and operating expenditures, as outlined in our 2022-2026 Strategic Plan presented during our 2022 Capital

Markets Day, in line with the conditions specified in the second subparagraph of the point 1.1.2.2 of Annex 1 of the

Disclosure Delegated Act. Given that we plan to develop our new business plan in 2025, we are currently reviewing this plan.

Taxonomy table for nuclear and gas as referred to in Complimentary Climate Delegated Act51


	Nuclear energy related activities
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	N
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	N
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	N
	Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	N
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	N
6	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	N

52 Registration, Evaluation, Authorisation and Restriction of Chemicals.

53 It refers to Ferrari S.p.A..

54 All MDR-P applied for “Approval of auxiliary and direct materials, storage management” refers also to “CMR mixture/substances derogation”.

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E2 - Pollution

Substances of concerns and substances of very high concern

Ferrari considers environmental protection a decisive aspect to be promoted in its overall approach to business.

Our policy

We are aware of our potential impacts generated by the unlawful usage of substances of concern and substances of

very high concern. For this reason and in compliance with the applicable laws and regulations (CE/1907/2006 – REACH 52

regulation), we have defined strict procedures on the management of these substances.

The Environmental Practice sets out key principles to manage IROs such as compliance with applicable regulatory

and legal requirements, a periodic and systematic establishment of improvement objectives and their monitoring and

measurement through KPIs, the development of products that meet customers’ needs while ensuring respect for the

environment, and the adoption of the best available technologies for the efficiency of production processes and the reduction

of environmental impacts. These principles include pollution prevention.

For additional information about the Environmental Practice, please refer to the “E1— Climate change—Our

policy” paragraph.

During the year, we conducted a screening on our site locations and business activities to assess and evaluate

pollutants and substances of concern and very high concern. Additionally, during our materiality analysis, we also considered

the impacts on our entire value chain, although we have not carried out consultations with affected communities on this topic.

Regarding substances of concern and substances of very high concern, two specific procedures have been approved:

the “Approval of auxiliary and direct materials, storage management” and the “CMR mixture/substances derogation”. Our

procedures take into account all substances involved in the analysis. However, there is no specific procedure for each single

substance.

The main objective of the “Approval of auxiliary and direct materials, storage management” procedure is to define

how materials, such as auxiliary and direct chemicals (articles, substances and preparation/mixtures), are acquired and used

by employees. This ensures that all health and safety and environmental risks associated with these materials are evaluated

and prevented before their entrance within the perimeter of our production sites. The procedure applies to our production

sites 53 and to all employees and non-employees. This procedure aims at preventing impacts and risks, as well as managing

opportunities, such as our potential contribution to pollution due to substances of concern and substances of very high

concern. Moreover, the procedure aims to avoid incidents and emergency situations, and, if they do occur, to control and limit

their impact on people and the environment. According to this procedure, each area must exclusively use chemicals, for its

respective area, that have passed the approval process, which considers health, safety and environmental aspects. In

particular, product classified under current regulations as carcinogenic, mutagenic, and toxic for reproduction are not

supposed to be used, since Legislative Decree No. 102 of 30 July 2020 requires a progressive phase-out of substances

classified under those hazard categories.

Where substitution is not possible, a derogation process must be initiated in accordance with the provisions of the

procedure “CMR mixture/substances derogation” 54. According to this procedure, we require users to seek a non-hazardous

substitute material and specific prevention and protection measures are put into place. In addition, within “Approval of

auxiliary and direct materials, storage management”, specific rules are set for storage and handling of hazardous substances

as well as the periodic monitoring and control of usage area and methods to prevent incidents and emergency situations.

The most senior level accountable for the implementation of the procedures is the Chief Technologies and

Infrastructures Officer.

236

These procedures have been defined in accordance with ISO 14001:2015 and ISO 45001:2018.

These procedures are addressed to employees and are available on the Ferrari intranet.

The procedures cover the following impact: “Group’s contribution to pollution due to substances of concern and

substances of very high concern”.

Our actions and targets

We have implemented best practices to avoid or minimize the risk of harm in managing substances of concern and

substances of very high concern, even though no specific pollution-related target has been set. Additionally, and according to

the procedures described above, we have put in place specific processes to monitor and track their right application also

through periodic audits carried out by the Environmental and Energy and the Health & Safety teams. The results of the audits

are recorded on a specific form and sent to all those in charge. The closure of anomalies and the verification of effectiveness

are recorded and monitored by the Environment and Energy Department on a specific summary file.

In case no substitute material is available, substances of concern or very high concern are accepted under specific

preventive measures. In this context, workers are protected from exposure and contact with hazardous substances through the

implementation of closed cycles (processes or systems designed to minimize their exposure). These ensure that the use or

transfer of hazardous materials occurs in sealed or controlled environments, reducing the risk of leaks, contamination or

accidental exposure. Closed cycles aim at increasing safety for operators, reducing risk of incidents and reducing

environmental impacts. These actions pertain to Ferrari production facilities (Ferrari S.p.A.) and have been already

implemented in all processes where possible, and will remain in effect long-term, with regular quality checks as needed. In

2024, we implemented a closed cycle to manage cumene in our foundry. We aim to minimize the number of exposed workers

and reduce the duration and intensity of workers’ exposure to the lowest technically possible value. No significant operational

or capital expenditures have been allocated to these actions in 2024 or are planned for the future.

If the implementation of closed cycles is not possible, alternative collective protection systems, such as fume hoods,

are provided. These systems are designed to safeguard the health and safety of groups of people, rather than just individuals,

during work activities or in the presence of specific risks. These are tools that reduce exposure to hazards through solutions

integrated into the workplace, independent of individual behavior. These actions are specific to Ferrari’s production facilities

and have already been implemented across all feasible processes. They are designed to remain in place over the long term,

with periodic quality checks conducted as necessary. We continue to monitor and report the use of hazardous substance and

the effectiveness of the safety measures implemented. No significant operational or capital expenditures have been allocated

to this action in 2024 or are planned for the future.

For other measures, for instance personal protective equipment, please refer to the “S1—Own workforce—Health

and Safety—Our actions” paragraph.

Referring to our Lifestyle activities, no substance of concern or very high concern is produced, used, distributed,

commercialized, imported and exported in line with applicable laws and regulations. To ensure the quality and safety of our

Lifestyle products, we perform specific tests including a qualitative resistance test and a detailed chemical test to assess the

composition of the products. These tests are carried out on every product of our personal luxury goods category.

Our metrics

We purchase hazardous substances in the form of articles, substances and preparation/mixtures which are mainly

acquired through indirect purchasing. As far as direct purchasing concerns, these are generally not subject to REACH

regulation.

We monitor updates to the candidate chemicals list of very high concern and are aware of the presence of these

substances in some of our components. As soon as a rulemaking process begins to regulate these substances in any market

where we operate, we take all necessary measures to prepare for their substitution or to mitigate their potential impact. The

main production processes that include the use of substances of concern and very high concern are, among others, vehicle

testing, laboratory materials, machining, finishing and painting, engine testing, powertrain and engine assembly. Gasoline,

used mainly in engine and vehicle testing, is, by far, the major source of substances of concern.

55 In this category, candidate chemicals list substances present in our products are included.

56 Categories: respiratory sensitisation category 1, skin sensitisation category 1, specific target organ toxicity, repeated exposure categories 1 and 2 and

specific target organ toxicity, single exposure categories 1 and 2.

237


	Substances of concern (SoC)	Substances of very high concern (SVHC)
	Weight (Kg)	Weight (Kg)
Total amount of substances of concern that are used during production or that are procured	1.970,070	90
– Carcinogenicity categories 1 and 2 (gasoline)	1,329,650	—
– Other hazard classes	640,420	90
Total amount of substances leaving facilities as product, or part of product	185,324	175,98355

The SoC and SVHC used in our production process are mainly calculated considering the observed amounts used

during the production process. Since primary data is not currently available for the categories 56 excluded from the obligation

to report to the competent authority pursuant to Legislative Decree No. 102 of 30 July 2020, we estimate the amounts of SoC

leaving our facilities as products, or as part of products, and the 78 percent of SoC included in the category “Other hazard

classes” of the SoC used during production or that are procured. We estimated these data based on the total amount purchased

during the year, using a proxy sample amounting to 10 percent of total products containing those substances. Regarding the

candidate list substances present in our cars, we calculate the amount taking into consideration the car configuration of the

European and UK market and the number of shipments in 2024. This methodology is not validated by an external body.

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E5 - Resource use and circular economy

Our policy

Ferrari consistently strives for the highest quality in all materials used, ensuring durability over time; as a result, our

products are not only built to last but are also cherished as collectibles that can be passed down through generations rather

than simply serving as modes of transportation. We also acknowledge that a rational use of raw materials, together with

careful waste management, helps reduce the environmental impact of our manufacturing process. For this reason, we are

implementing innovative solutions and advanced technical processes, such as the reuse of aluminum scraps, to minimize

waste and reduce environmental impacts.

Ferrari considers environmental protection to be a decisive aspect to be promoted in its overall approach to business.

The Environmental Practice promotes the reuse of waste materials in the production process according to a circular economy

approach. Moreover, it aims to reduce the quantity of waste and optimize the amount of materials sent to recovery plants. The

practice sets out key principles to manage IROs (for details please refer to “ESRS 2—General disclosures—Impacts, risks

and opportunities management” paragraph of this Report) such as: compliance with applicable regulatory and legal

requirements, periodic and systematic establishment of improvement objectives and their monitoring and measurement

through KPIs, the development of products that meet customers’ needs while ensuring respect for the environment, safety and

quality, and the adoption of the best available technologies for the efficiency of production processes and the reduction of

environmental impacts. The practice covers the following impacts and opportunity: “Reduction of waste thanks to the

increase of durability, reparability and recyclability of spare parts (e.g. racing and sports cars) or products (e.g. lifestyle)”,

“production of hazardous / non hazardous waste by the organization”, “promotion of circularity within the value chain to

reduce the use of natural resources and waste produced by suppliers”, “production of hazardous / non hazardous waste by the

supply chain” and “circular economy manufacturing initiatives implemented: use of recycled materials, recovery of

production waste for recycling and projects aimed at ensuring an extension of product life”.

Currently, the Environmental Practice does not address the use of renewable resources, however, we are

continuously striving for sustainable and innovative material sourcing to integrate into our production processes.

The monitoring and management of the environmental performance of our productive plants, including waste, is

assigned to a team that reports to our Chief Technologies & Infrastructures Officer. Their effort is aimed at minimizing the

impact of our activities on the environment. Please refer to the “ESRS 2—General disclosures—Our Decision-Making

Process” section for the information about the accountability and the highest positions with responsibility for waste issues.

IROs in relation to resources use and circular economy matters have been identified during the double materiality

assessment considering our products and production process. We have not carried out dedicated consultations with affected

communities on this topic, but we have an ongoing dialogue with our suppliers to find recycled material solutions to reduce

our emissions. For additional information on methodology adopted, please refer to “ESRS 2—General disclosures— Impacts,

risks and opportunities management” paragraph.

Our targets

We have implemented best practices to maintain stable and possibly reduce our waste production, even though no

specific waste-related targets have been set. Additionally, we have been proactively promoting initiatives on alternative

circular materials to evaluate the introduction of less environmentally impactful solutions. To track the progress and

effectiveness of our policies and actions in relation to the material sustainability-related impact and opportunity, we aim to

maintain the ISO 14001:2015 certification, which includes, also for waste, continuous improvement targets and KPIs (e.g.

percentage of waste directed to recovery).

Our actions

In these past years, a series of initiatives have been implemented across different phases of the manufacturing

process to reduce waste production.

239

An evidence of Ferrari attention to waste reduction is represented by our management of scraps. We recycle

aluminum scraps by melting them in the foundry, thus ensuring the reentering of those scraps in the manufacturing process.

This is an important achievement, considering that aluminum is the first raw material by weight used in our production

process. The aluminum scraps, i.e. the shavings, generated during the mechanical process that cannot be melted, are

compacted and eventually resold to companies specialized in recycling. This process has always been fully integrated in our

foundry and involves Ferrari’s operations. In addition, at the beginning of 2023, we implemented the use of scorifying salts in

the aluminum melting process with the specific aim of maximizing material recovery. By facilitating the removal of

impurities and enabling a cleaner separation of aluminum from scrap, we have reduced the amount of aluminum discarded.

This improvement has led to a 50 percent decrease in slag, underscoring our commitment to reducing waste and optimizing

resource use. No significant operational or capital expenditures have been allocated to this action in 2024 or are planned for

the future. For the medium-term future, we plan to reduce the use of this virgin material by focusing on secondary alloy from

recycled processes and on the reduction of quarry-derived resources.

Additionally, aligned with Ferrari’s ambition to reduce CO2 emissions and to promote circularity, starting from

2026, we plan to introduce 100 percent recycled aluminum alloy for our engines (considering only the parts produced

internally in our Maranello plant that weigh more than 80 percent of the engine). This action could reduce aluminum-related

CO2 emissions by around 80 percent. This recycled alloy is characterized by high performance without compromising

quality, differing minimally from primary alloys. Our ambition is to eliminate the use of primary alloys in our engines by

relying on recycled raw materials. To align with market availability, we have developed a flexible process that allows us to

use both primary and recycled alloys in engine components. No significant operational or capital expenditures have been

allocated to this action in 2024 or are planned for the future.

In 2024, at the best of our knowledge, no stakeholder was negatively impacted.

Resource Inflows

Car makers consume large amounts of raw materials, and a conscientious planning of the manufacturing process is

essential to the management of scarce resources. Among the most used materials in our cars we have light alloys, such as

aluminum, polymers, and to a lesser extent other metals (copper, titanium, platinum group, silicon, zinc, magnesium)

elastomers, fluids, lithium, light rare earth elements.

Total resource inflows


	2024
Overall total weight of products and technical and biological materials used (Kg)	34,199
Percentage of biological materials (and biofuels used for non-energy purposes), including packaging, that is sustainably sourced	—%
Weight of secondary reused or recycled components, secondary intermediary products and secondary materials used to manufacture the undertaking’s products and services (including packaging) (Kg)	1,577
Percentage of secondary reused or recycled components, secondary intermediary products and secondary materials used to manufacture the undertaking’s products and services (including packaging).	4.6%

For the denominator, the methodology applied to calculate the data in the table above is based on the incoming

weight of materials and components in our warehouses. This data is the same as the one used for the calculation of the Scope

3 GHG emissions, category 4.1. The numerator is calculated based on supplier information provided through the International

Material Data System. To estimate the quantity of packaging, we used the outflow quantity and assumed it was equal to the

inflow quantity.

Resource Outflows

The Group adopts a systemic approach to waste management, aiming to stabilize unit consumption over time.

Although total waste per vehicle may increase due to production scale and innovation areas, we have launched ongoing

projects that focus on minimizing waste generation as much as possible.

57 D9: Physico-chemical treatment resulting in final compounds or mixtures which are discarded by any of the operations numbered D1 to D12, e.g.

evaporation, drying, calcination

D15: Storage pending any of the operations numbered D1 to D14 (excluding temporary storage, pending collection, on the site where it is produced).

240

A significant portion of our waste derives from non-hazardous materials including ferrous scraps, paper, wood,

plastic packaging, and aqueous solutions. This waste primarily originates from foundry, paint and mechanical operations. The

main typologies of hazardous waste include waste oil and solvents.

Total waste by weight diverted from disposal by recovery operation types


Recovery operation types [t]	2024
Recovery operation types [t]	Weight	Percentage
Hazardous Waste
Preparation for reuse	—	—%
Recycling	724	11.3%
Other recovery operations	—	—%
Total Hazardous Waste	724	11.3%
Non-Hazardous Waste
Preparation for reuse	13	0.2%
Recycling	5,681	88.5%
Other recovery operations	—	—%
Total Non-Hazardous Waste	5,694	88.7%
Total Waste Diverted From Disposal	6,418

Total waste by weight directed to disposal by waste treatment type


Waste treatment types [t]	2024
Waste treatment types [t]	Weight	Percentage
Hazardous Waste
Incineration with energy recovery	—	—%
Incineration without energy recovery	—	—%
Landfilling	—	—%
Other disposal operations	597	18.1%
Total Hazardous Waste	597	18.1%
Non-Hazardous Waste
Incineration with energy recovery	—	—%
Incineration without energy recovery	—	—%
Landfilling	147	4.5%
Other disposal operations (D9 and D15) 57	2,545	77.4%
Total Non-Hazardous Waste	2,692	81.9%
Total Waste Directed to Disposal	3,289


	Weight (t)	Percentage
Total waste generated	9,707
Non-recycled waste	3,302	34.0%
Hazardous Waste	1,320	13.6%
Radioactive Waste	—	—%

Waste monitoring is conducted through a thorough analysis of all supporting documentation. Each month, our

external waste intermediary provides a report, generated from their management system, detailing the previous month’s waste

58 The statistical data is based on information included in the following website: https://www.fairfaxcounty.gov/plan2build/waste-stream-calculation-

worksheet-nonresidential-uses.

59 Lifespans of passenger cars in Europe: empirical modelling of fleet turnover dynamics - Maximilian Held, Nicolas Rosat, Gil Georges, Hermann Pengg

& Konstantinos Boulouchos – European Transport Research Review.

60 The calculation of the recyclability rates is in accordance with the standard ISO 22628: 2002.

241

movements. This data is processed to classify waste into the appropriate categories defined by Legislative Decree 152/2006

and is recorded in our internal reporting system for effective tracking and analysis.

For Ferrari’s offices worldwide, when primary data are unavailable, waste production is estimated using statistical

data 58 based on either the office’s surface area or the number of employees.

Durability, Reparability and Recyclable content

We have embraced circular economy principles by designing products with durability, repairability, and

recyclability in mind. Ferrari cars exemplify this approach, as their durability allows them to be passed on from one

generation to the next. Ferrari Classiche services strive to keep as many of these classic cars on the road as possible and

extending their lifecycle. Our cars are generally not considered means of transportation but collectible items.

Ferrari cars are widely perceived as collectible items, potentially lasting forever. Our cars are expected to have a

durability of at least 80 years, based on Ferrari’s manufacturing history to date, which began when the Company was founded

in 1947. This far exceeds the industry average lifespan, which statistically ranges from 18 years in Western European

countries to 28 years in Eastern ones 59.

We supply parts for both current and older Ferrari models to our authorized dealer network. The substitution of

spare parts throughout a car’s lifespan is driven not only by clients’ demand for parts to personalize their cars and maximize

performance, but also to ensure and guarantee the reparability of our products.

Please refer to the “Overview of Our Business—Client Relations—Ferrari Classiche” section for further

information.


	2024
Expected durability of products	at least 80
Industry average durability	From 18 years in Western European countries to 28 years in Eastern ones

Our personal luxury goods’ design and production rely on high-quality materials. The durability of these products is

influenced by their intended use and the frequency of washing.


	Total recyclable content [t]	Total weight of materials used [t]	Percentage
Recyclable content in products	27,600	32,471	85.0%
Recyclable content in products packaging	1,342	1,729	77.6%

The minimum recyclability of vehicles sold is 85% 60. This value refers to the minimum percentage by mass

guaranteed on our European fleet and determined in accordance with EU Directive 2005/64/EC.

The total weight of materials refers to inflow materials used in our vehicles. The quantity of packaging disclosed

above is the total packaging: we assume that the packaging inflow is equal to the packaging outflow and that for our business,

product packaging is not relevant.

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S1 – Own workforce

Being the employer of choice

The unmatched excellence and unique craftsmanship of our products are the foundation upon which Ferrari’s

success is built and this is possible thanks to the talents, skills and efforts of the people working in Ferrari.

Stakeholder Engagement

Since 2021, the “Formula Insieme” program is the main employee engagement activity, which aims to pursue the

continuous development of Ferrari through a “plan, do, check, act” approach, starting from our employees’ opinions, gaining

awareness of their points of view and identifying opportunities for continuous improvement. Every two years we carry out an

internal performance survey of our employees on various topics related to the working environment, such as safety, change

readiness, open culture and other areas linked to our relevant impacts. The following impacts have been considered in the

Formula Insieme aspects: work-life balance, attention to mental health with positive impacts on employees’ physical and

mental well-being, positive impacts on employees’ motivation and sense of belonging thanks to secure employment and

working time, competitive remuneration, benefits, training opportunities and career development and work-related injuries.

Risks and opportunities arising from impacts and dependencies on people in “own workforce” are related to Ferrari’s entire

workforce. This survey is accessible to all employees, with responses collected to ensure the participation of those who might

be more vulnerable or marginalized. The results of the online survey, conducted in 2023 and completed by more than 95

percent of our employees, were analyzed to identify potential areas for improvement and shared with employees to gather

suggestions and proposals for action. The key findings from each department have been transformed into a specific action

plan, led by a Human Resources representative who has operational responsibility for ensuring that this engagement happens

and that the results inform the Company’s approach. No significant operational or capital expenditures have been allocated

for this activity in 2024 or are planned for the future.

We aim to advance a just transition, able to secure workers’ rights and livelihoods when economies are shifting to

low-carbon production. Internal data and the results of the survey conducted in 2023 did not show any impact on Ferrari own

workforce raised from transition plans for reducing negative impacts on the environment and achieving greener and climate

neutral operations. Nevertheless, the Green Sustainability Steering Committee has been tasked with managing the action plan

to achieve Carbon Neutrality.

All employees of the Group in Italy are subject to collective agreements (Contratto Collettivo Specifico di Lavoro

(CCSL), Accordo Premio di Competitività Ferrari and a collective bargaining agreement for our managers, signed by the

Italian trade union, Federmanager, on April 28, 2023). These collective agreements enforce a continuous dialog with

workers’ representatives also with respect to human rights, allowing to highlight Ferrari employees’ perspective.

Furthermore, our own workforce can raise their concerns or needs through the Ethics Helpline, available on our

corporate website. The Whistleblowing procedure protects the whistleblower against retaliation. For further information on

the adopted channel for raising concerns refers to the “G1—Business Conduct—Whistleblowing” paragraph.

For information regarding interests, views and rights of Ferrari’s own workforce refer to paragraph “ESRS 2—

General disclosures—Strategy—Interests and views of stakeholders” .

Human Rights

Ferrari’s aim to respect, protect and promote human rights is laid down in the Human Rights Practice, which is

inspired by the guiding principles set forth in the Code of Conduct and defines Ferrari’s main ambitions to a corporate culture

dedicated to ethics and integrity. In particular, in line with our impacts, risks and opportunities (please refer to chapter “ESRS

2— General disclosures—Impacts, risks and opportunities management” for further details) the Human Rights Practice states

the respect, protection and promotion of Human Rights towards workers in our workplace, operations and activities, across

our supply chain, in the interaction with society and local communities, consumers and end-users as well as in any context in

which we operate. The practice covers the following impact and risk: “Violation of human rights along the value chain (e.g.

right to freedom of association and collective bargaining, child labor, forced or compulsory labor also related to conflict

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minerals) with impacts on human dignity” and “Negative evolution of social/geopolitical tensions or sanitary emergency,

arising in specific geographies, conditioning the corresponding market’s strategies and/or operations”.

In particular, the Practice sets out key principles, such as: the prohibition of child labor, compulsory labor and forced

labor, human trafficking and serfdom, the attention to a healthy and safe working environment, the rejection of any form of

abuse, harassment and discrimination and the zero tolerance in respect of corruption in Ferrari workplaces and along the

supply chain as well as in society and local communities. The Human Rights impact related to Ferrari operations was deemed

not relevant. Regarding consumers and end users, the Human Rights Practice declares that Ferrari’s workforce must take

personal responsibility for treating clients, co-workers, vendors and all stakeholders with respect, integrity, ethics and

professionalism. In particular, the Human Rights Practice must be considered for the Health and Safety matters.

Although our own workforce, value chain workers, consumers and end-users, and local communities have not been

directly engaged, the addressees of this Practice are not only directors and employees but also those who work for or on

behalf of Ferrari, such as suppliers and business partners, consultants and “atypical workers” (e.g. temporary supply contract

and staff-leasing workers), as well as Ferrari’s stakeholders. In addition, Ferrari strives to respect the rights of local

communities and contribute to their realization and development.

The Human Rights Practice officially entered into force in 2021 and it applies to the entire Ferrari Group, pursuant

to local legislation. It was approved by the Ferrari Leadership Team (FLT), the most senior level accountable for the

implementation of the practice, who plays a key role in overseeing its adequacy.

The Human Rights Practice is in line with significant third parties initiatives, including: the International Bill on

Human Rights, the United Nations Guiding Principles on Business and Human Rights and the UN Global Compact Ten

Principles, the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work and

Conventions, the Organization for Economic Co-operation and Development (OECD) Guidelines for Multinational

Companies, the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and

High-Risk Areas, and the Charter of Fundamental Rights of the European Union.

In addition, to ensure full effectiveness, the Compliance function periodically reviews the Human Rights Practice

and monitors its implementation to ensure it remains at maximum efficiency. This includes considering factors such as

emerging best practices, changes in the Group’s business activities or the applicable legal and regulatory framework, and any

possible violations or criticality that has been identified. These monitoring activities are carried out in compliance with the

standards and third-party initiatives mentioned above.

The Human Rights Practice has been adequately circulated, publicized and disseminated by Ferrari both internally

and externally, also through its inclusion in the relevant contractual agreements and arrangements. Please refer to the Ferrari

corporate website at the following link https://www.ferrari.com/en-EN/corporate/practices.

In the event of human rights violations, the Ferrari Group encourages all addressees to report them through

dedicated Whistleblowing channels and takes all reasonable actions to remedy human rights impacts. For additional

information, please refer to paragraph “G1—Business Conduct—Whistleblowing”.

In 2024, relating to our workforce, the Company identified two cases of discrimination and/or harassment leading to

disciplinary actions, no cases of severe human rights incidents and no complaints about violations of human rights emerged

from National Contact Points for OECD Multinational Enterprises. In addition, there were no final judgements relating to

non-respect of the human rights principle and there were no significant fines and/or non-monetary sanctions.

Moreover, in 2023, we adopted a dedicated Diversity and Inclusion Practice to encourage the diffusion of a

corporate culture based on inclusion and mutual respect in the belief that diversity represents a source of creativity,

enrichment and innovation, see “ESRS 2—General disclosures—Governance—Diversity Policy”.

In addition, according to the results of the Double materiality assessment, no operations are at significant risk of

incident involving forced labor, compulsory labor, or child labor.

The table below provides an overview of the relevant information on human rights policies regarding four of our

stakeholder groups, particularly related to human rights issues.

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Reference table on Human Rights


Stakeholders particularly related to human rights issues	Ferrari material topics	Key applicable policies	Section reference of main KPIs
Employees and trade unions	• Talent attraction, retention and development • Health, safety and well-being • Diversity and inclusion • Human rights	• Human Rights Practice • Ethics Helpline • Code of Conduct • Stakeholder Engagement Practice • Diversity and Inclusion Practice	• S1 - Own workforce - Human Rights • S1 - Own workforce - Health and Safety • S1 - Own workforce - Talent attraction, retention and development • S1 - Own workforce - Diversity and Inclusion • G1 - Business Conduct
Suppliers	• Human rights	• Human Rights Practice • Stakeholder Engagement Practice • Ethics Helpline • Third Parties’ Compliance Practice • Anticorruption Compliance Practice	• S1 - Own workforce - Human Rights • G1 - Business Conduct
Community and university	• Responsibility towards the community and future generations • Human rights	• Human Rights Practice • Stakeholder Engagement Practice	• S3 - Affected communities • S1 - Own workforce - Human Rights
Clients	• Quality and safety • Human rights	• Human Rights Practice • Stakeholder Engagement Practice • Ethics Helpline	• S4 - Consumers and End-users • G1 - Business Conduct - Whistleblowing • S1 - Own workforce - Human Rights

Talent attraction, retention and development

The success, prestige and appeal of our brand depend on the ability to attract and retain talents. Top drivers,

management, engineers, blue collars and all the employees that make Ferrari unique have to be rewarded based on their

ability and determination. This is why we offer career progression opportunities tailored to one’s strengths, ambitions and our

Company’s requirements, underpinned by substantial investments in training.

Human capital development ensures that our Company has the appropriate skills to execute its business strategy,

while also enhancing employee attraction, retention, and motivation. As a result, it increases productivity and drives

innovation. During the regular performance and career development review process, training requirements are identified to

address the needs of both employees and the Company.

Our policy

Talent attraction, retention, development and training are covered by our Human Rights practice. The practice

covers the following IROs: “Positive impacts on employees’ motivation and sense of belonging thanks to secure employment

and working time, competitive remuneration, benefits, training opportunities and career development”, “Loss of knowledge

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and key skills due to high turnover or low development with negative indirect impacts on stakeholders (e.g. customers)”,

“High and/or misplaced usage of external resources (consultants, temporary workers, staff leasing) that can also have critical

competence and know-how, and deal with strategic projects”, “Increased responsiveness to market challenges by re-skilling

and up-skilling employees (e.g. for full-electric vehicles)” and “Employee satisfaction & retention, including adequate wages,

training and development of employees: attracting, retaining and developing the best talent through policies and practices

related to employees as an opportunity for the company”.

We uphold the values outlined in our practice, which promote professionalism, motivation, and job satisfaction

among all employees by providing opportunities for training, mobility, and internal promotion, while also enhancing the

employability of each individual. We view professional and personal development as a shared responsibility. In this regard,

we listen to employee expectations and take action to improve areas where the degree of satisfaction is below our standards

of excellence. Please refer to the “S1—Own workforce—Human Rights” chapter for further information.

Moreover, we have established several internal procedures, including training, talent scouting and recruiting,

performance and talent management, compensation, welfare, and work life balance. Along with the need to hire, develop and

retain talents, we recognize that managing human capital as a critical resource is essential to achieving the best possible

results.

Training and Talent Development

Attracting, retaining and developing talent requires a strategic and integrated approach that considers employee

needs and market dynamics. We rely on a highly qualified and motivated workforce, which represents a real competitive

asset in an ever-changing economic environment.

Our actions

Our Training Plan is organized in three main macro-areas and each of them has its own purpose:

1. to protect and pass on the strategic and specific know-how of Ferrari and to project ourselves into the future of

innovation;

2. to shape and prepare the future managerial class for business, innovation, management and human capital

development challenges;

3. to foster and support the inclusion, growth and development of our people.

These programs covered a wide range of topics, including digitalization, globalization, sustainability and continuous

improvement. This result was achieved mostly thanks to the high-quality volunteering training we continuously provide to

our employees, among which the “Agile learning for an Agile Company” project, the Harvard Manage Mentor e-learning

platform and the two MBA programs.

Below a description of the actions implemented for each macro-area to effectively manage the potential negative

impact identified during the Double materiality analysis. For further information please refer to “ESRS 2—Impacts, risks and

opportunities management”.

To protect and pass on the strategic and specific know-how of Ferrari and to project ourselves into the future of

innovation.

What makes Ferrari’s craftsmanship unique is the direct transfer of knowledge and expertise from senior to junior

workers, which in our manufacturing process takes place directly on the job as we believe in constantly maintaining

excellence through a “learning by doing” approach.

In 2024, we further consolidated the educational offer of the previous years, with the three main areas of focus

being: product innovation (mainly with regard to electrification, ADAS (Advanced Driver Assistance Systems) and carbon

fiber, in a cross-functional training), process innovation (as in the case of welding and Quality Core tools) as well as support

and induction of new colleagues. In particular, in 2024 the topic of the addition of full electric vehicles was further enhanced

in order to ensure that future models respect Ferrari quality standards.

61 Supervisor who is in charge of the employees of a department.

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To support teaching activities, the use of augmented reality is also being experimented to complement classrooms

and laboratories. This application, which makes it possible for attendants to take advantage of this technology through

specific tools but also through tablets.

Among all the training initiatives in Ferrari, we are very proud of our “Scuola dei Mestieri”, started in 2009. It is a

unique, in-house, technical training project for both white collars and blue collars of our development and production

facilities in Maranello and Modena, which increases the professionalism of junior talents and motivates senior employees,

recognizing their competencies by asking them to become Maestri and to pass on Ferrari’s unique heritage to the next

generation. The initiative combines different didactic methodologies, including on the job sessions and in-classroom training,

both focused on the consolidation of competencies and skills, with a particular focus on innovation. Being a Maestro is an

aspirational position and key to the Company’s success. In 2024, the program saw 4,500 participations and more than 25

thousand hours of training have been conducted.

At the end of the training programs, participant satisfaction is assessed. Additionally, feedback is collected from

team leaders to evaluate the skills acquired and, more importantly, the progress observed. Annually, we aim at identifying

and incorporating the training needs and requests for the upcoming year and we monitor both the number of participations

and the hours of training to evaluate the progress of the program.

Additionally, within “Scuola dei Mestieri” we have implemented an activity called “Scuola delle Professioni”, to

provide an overview of the values inherent to the Ferrari DNA. This program aims to offer participants a complete vision of

the development process of a new Ferrari Sports Car, from the creation of the product concept to the series production and go

to market, all in line with Ferrari’s targets and DNA. The course is based on four macro areas: product development, vehicle

technology, testing and manufacturing, and delivery and selling activities. The course comprises more than 40 lectures and

more than 80 hours, all delivered during working hours, including “technical” visits to all production departments. In 2024,

the fourth session took place, involving new hires from the R&D department in Maranello. Due to the large number of

employees involved in this program, the activity was divided into two waves (2024 and 2025) to allow all participants to take

part in the training. The effectiveness of this program is assessed through a satisfaction survey covering the four topics

addressed during the course. In the previous edition, more than 200 employees of the Design, Purchasing and Quality

departments have been involved.

Since 2017 we deliver a training course for blue collars appointed as Conduttori in the Manufacturing, R&D and

Quality departments, workers without hierarchical responsibilities who play the role of link between the team and the

supervisor. Conduttori are chosen not only for their technical skills but also for their soft ones. Throughout the years, this

program was extended to include all Conduttori. The training course consists of 40 hours and include technical content

sessions with internal Maestri and operational problem-solving activities, all aligned with the activities of their respective

roles. The training and improvement of their competences is essential as they have the task of training new employees. In

2024, we launched a new training program dedicated to specific key roles, “Capo Team” 61 in the Manufacturing, R&D,

Product Development and Quality areas, and Technologists in the Manufacturing area. We assess the level of satisfaction

through a survey provided to all participants, covering organizational aspects, the topics discussed, and the instructor’s

expertise. The final result is the Net Promoter Score, an indicator of participant satisfaction. Our strategy for future editions is

to maintain periodic engagements with the involved categories to ensure the participation of all roles. No significant

operational or capital expenditures have been allocated to this action in 2024 or are planned for the future.

To shape and prepare the future managerial class for business, innovation, management and human capital

development challenges.

In 2024, we completed the fifth edition of the Ferrari Corporate Executive MBA (EMBA), our master’s program

designed to enhance the management skills of attendees, expose them to the most recent innovation trends, and convey the

Ferrari leadership model. This master’s degree, which over the past five years has involved more than 180 people, offers a

unique tailor-made program to create a significant group within the management class that will be able to grasp the

challenges of the future, while at the same time preserving the tradition of Ferrari. The EMBA is designed for 30 managers of

the Ferrari Group who, for about 12-15 months, participate in face-to-face and online lectures. The course includes

innovation talks, leadership workshops and production plant site visits. In 2024, the EMBA was expanded beyond Italy,

allowing managers to study in the U.S. and China and foster personal and professional growth through exposure to

international business models and cultures. In addition to the Executive MBA, a new program was launched in 2021 for

62 One Ferrari Performance and Feedback process refers to our performance management process.

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employees aged 27 to 35 who have been identified as high-potential talents through the performance evaluation system: the

Ferrari Global Corporate MBA. This master’s degree, offered to Ferrari Group employees, provides participants with

managerial skills, while focusing on the three main disruptive trends of our time: technological innovation, digital

transformation and sustainable transition. The master’s program concludes with an 8-weeks project work or internship in an

innovative company operating in sectors other than the automotive one, at the end of which the main results are discussed

through a session in front of the FLT. These master’s degrees have helped develop a group of managers with a shared

approach to leadership, while respecting and valuing individual differences - a group on which Ferrari can rely on to tackle

future challenges. In addition to the questionnaire completed at the conclusion of these master’s programs and the opportunity

for participants to freely share their feedback via email, we also gather feedback from managers to evaluate whether

improvements in skills have occurred. The effectiveness of these programs has resulted in a low turnover rate, an increase in

the collaboration with the subsidiaries, stronger relationships between colleagues of different departments, and an increase in

participants motivation and engagement.

For 2025, we will carry out a training update as well as problem-solving activities involving the Alumni, employees

who have participated in the previous editions of the master’s degrees.

To foster and support the inclusion, growth and development of our people.

In line with business and Company requirements, and consistent with the needs expressed in the One Ferrari

Performance and Feedback process 62, training activities were provided with respect to managerial, technical and language

skills.

Launched in 2019, we continue to offer all our employees the possibility to access the Harvard Manage Mentor e-

learning platform. The training has been customized according to our needs and the following three lines of development: to

integrate this platform with the One Ferrari Performance and Feedback process, to give employees, especially newcomers,

the basic managerial skills that we consider essential requirements, and to adapt professional development paths based on

employees’ career levels. Soft skills and language courses are included in this platform, as well as several training activities

on diversity topics that support our Equal Salary certification.

The effectiveness of this program is assessed through a satisfaction survey, which investigates whether the

participant was able to apply the managerial and soft skills learned in the courses. Taking into account the results achieved,

we plan to continue to provide access to the Harvard Manage Mentor e-learning platform in the years to come.

In 2024, we launched the second edition of the “Agile learning for an Agile Company” project, open to all white

collars and agency workers of the Group. In 2023, interviews and focus groups were conducted with the help of an external

supplier to understand the main challenges faced during the remote working experience, adopted in 2020. Based on the

results, the training was structured around 9 winning practices, which include working and communicating successfully with

others through digital tools, the achievement of a work-life balance, the use of feedback to strengthen relationships, the value

of effective meetings, the creation of a strong network, and the ability to learn from study and experience. The training

sessions were made more interesting thanks to gamification, the creation of competitions and structured growth paths, and

they were integrated with several online group meetings to share experiences and put into action what was learned. Moreover,

a forum was opened for the exchange of ideas and opinions. The goal of the interviews and focus groups was to engage

managers and individual contributors in a journey of skills reflection and learning, to live effectively and in balance with the

constantly evolving context and work patterns. The project was also extended to agency workers with approximately 300

participants resulting in more than 6,000 training hours. The new edition also involved employees hired after May 2023, who

were not able to participate in the previous edition as the training sessions coincided with this month.

After each training pill, a satisfaction survey on the specific topic covered is conducted. Once the course is finished,

a final survey is also proposed to collect feedback and suggestions for future editions. The training program enabled a cultural

change within the Company and taking into account these results, we plan to continue supporting the “Agile learning for an

Agile Company” project in the years to come.

In addition, an online training campaign is launched twice a year and includes all the corporate mandatory trainings

dedicated to Ferrari Group’s new employees. Among the mandatory courses relating to the General Data Protection

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Regulation (GDPR), Antitrust and Anticorruption, a session is dedicated to our Code of Conduct that also covers human

rights.

To measure the effectiveness of this training activity, a final test is administered with a passing threshold of 80

percent correct answers. Taking into account the results achieved, we plan to continue offering the online training to new

employees in the years to come. No significant operational or capital expenditures have been allocated to this action in 2024

or are planned for the future.

In 2024, we focused on ensuring continuous progress across all training domains to maintain know-how continuity

and strengthen employee skills, aligned with our ambitions for the future. Collaboration, innovation, focus and learning,

together with agility at all levels, represent some of the key values we uphold to succeed in a rapidly changing world.

Through employee training programs, we aim to advance a just transition that is able to secure workers’ rights and

livelihoods as economies shift to low-carbon production. This includes the development of specific training initiatives

focused on the addition of the electric engine.

All these training activities were delivered both in presence and online. In 2023, to sustain the implementation of the

new behavioral framework, we had a peak in training hours. In 2024, training hours were in line with previous years levels.

Our targets

We do not have specific measurable targets for employee training, but we aim to provide a range of training

activities as described above in order to promote a competent and up-to-date workforce.

Our metrics

Average hours of training by gender and employee category


Gender	2024	2023
Male	15.7	26.6
Female	20.6	29.6
Other	—	—
Not disclosed	—	—
Total	16.4	27.1


Employee category	2024	2023
Managers and Senior Managers	20.8	42.1
Middle Managers	23.4	43.7
White collars	22.8	42.2
Blue collars	8.9	8.3
Total	16.4	27.1

The total hours of training are obtained from the Company’s database, which tracks participation and outcomes for

each course session in terms of hours completed and number of attendees. In the total amount, individuals who withdrew,

non-employees, those who failed the final test, or those who did not complete the entire course are excluded. Subsequently,

the total amount of training hours is divided by the number of employees per employment category and gender.

Talent Recruitment and Employee Retention

Our actions

The excellence that our products and our brand embody is what attracts and retains the best talents worldwide.

63 For more information, please refer to “S3—Affected communities —Our actions”.

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At Ferrari, recruitment and selection is about identifying and sourcing the right qualities and skills that will represent

the core of our future success. Our recruitment process provides a platform to engage with future employees, to assess

competencies through a structured selection process and to prepare for post-recruitment integration and development.

The mission of the recruitment team is to identify, evaluate and bring onboard the individuals aligned with our

requirements and values. During 2024, we received approximately 52 thousand applications, both specific and spontaneous,

from blue collars, skilled workers as well as university educated applicants.

We also undertake partnership programs with leading universities worldwide to engage with students, professors,

career offices and a network of professionals to identify talents for the future 63. In 2024, we organized 77 events (mainly in

presence at university campuses or in Ferrari offices), attended by more than 6 thousand students.

We offer Company insight presentations, testimonials by Ferrari employees, selected case studies at university

campuses and, for partner universities such as the Motorvehicle University of Emilia-Romagna (MUNER), we also offer the

exclusive opportunity to visit Ferrari facilities. These activities allow us to share the key values of the Company, and to

engage directly or indirectly - through communications with professors, participants, and on social media - while

strengthening our recruitment pipeline.

“Scuderia F1 Ferrari Engineering Academy”, active since 2015, is dedicated to the recruitment of talented engineers

worldwide to join our F1 team. In 2024, we completed the tenth edition of this talent program, allowing a selection of race

engineering talents of partner universities to work in Scuderia Ferrari. Each year, 6 to 8 participants are selected through a

rigorous process involving university partnerships, selection assessments, and interviews. The program begins with a two-day

induction, followed by a structured workweek in which participants spend 80 percent of their time with line managers and 20

percent on innovation projects. Over six months, they work on 10 to 15 projects with the guidance of two dedicated mentors.

Participants gain transversal knowledge through interactions with various departments, including Engine, Aerodynamics,

Track, Tires, and Testimonials.

Developed in collaboration with Italian and international motorsport universities, the Academy aims to identify and

train top talent for the automotive and motorsport sectors. At the end of the Academy, annual performance evaluations are

conducted for both staff and participants, with additional mid-term and a final evaluations to monitor participants’ progress

and potential for hiring within the organization. Since 2015, a total of 67 participants have taken part in the Academy with a

retention rate of around 60 percent over the 9 years. Taking into account the results achieved, we plan to continue offering

this program in the years to come. No significant operational or capital expenditures have been allocated to this action in

2024 or are planned for the future.

To ease employees into their new jobs, for more than 10 years, we have been providing a two-day induction

program twice a month. This program is dedicated to new hires of the Italian plants. The first day is dedicated to introducing

the Company culture and mission, as well as guiding new employees through the corporate offices (compliance,

cybersecurity and administration), ending with the factory tour of the Maranello plant. The following day is focused on health

and safety mandatory training. Through this activity new hires feel involved and engaged in the Company. The program aims

to introduce them to the Company’s environment and provide the foundational information to begin their professional

journey. The positive feedback collected over the years indicates high levels of satisfaction, demonstrating progress in the

effectiveness of the actions disclosed in prior periods. No significant operational or capital expenditures have been allocated

to these actions in 2024 or are planned for the future.

Ferrari engagement programs have always been initiatives that express our spirit of innovation, allowing our

employees to fully develop the value of collaboration. “Ferrari League” is the engagement program dedicated to Scuderia

Ferrari and Sports Cars teams. Ferrari League offers the Ferrari facilities’ teams the opportunity to propose their own ideas to

optimize internal processes, increase productivity, reduce costs, and improve the satisfaction of internal and external

stakeholders. In 2024, we received over 20 thousand suggestions from employees with a focus on Carbon Neutrality, quality

management, logistics and process efficiency.

The project has been ongoing since 2012, with activities evolving almost every year in response to continuous

feedback. This activity is planned to continue in the years to come. At the end of this engagement activity, dedicated

meetings are organized with each Area/Department, involving the respective Area and Team Leaders. These discussions

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enable the identification of strengths and areas of improvement, to make the next year’s activities even more effective. In

particular, for each activity, we analyze the evaluation and delivery mode and the project feasibility. No significant

operational or capital expenditures have been allocated to this action in 2024 or are planned for the future.

We reward all Ferrari employees in Italy, excluding Mangers and Senior Managers, through a productivity bonus

called “Premio di Competitività”, based on yearly shipments and Adjusted EBITDA results, as well as a product quality

index adjusted for individual absenteeism rates. In 2024, each employee received up to € 14.4 thousand (please refer to the

paragraph Consolidated Financial Statement) as provided for in a specific agreement signed with the trade unions. Ferrari has

signed the renewal of the agreement for its Competitiveness Award (Premio di Competitività), expired in December 2023.

The new agreement will be valid for the four-year period 2024-2027, strengthened by the integration of an environmental

factor into the award calculation. The effectiveness of these actions is assessed through the continuous decrease of the

absenteeism rate, which is directly linked to the Award, and the higher retention rate monitored throughout the years. As

stipulated in the Competitiveness Award agreement, we plan to continue offering the “Premio di Competitività” in the years

to come. The expected outcomes of the program include the enhanced attention to employee well-being and the cultivation of

a culture that prioritizes employee satisfaction.

In 2023, to evolve and adapt to the current historical context, a new behavioral model, “One Ferrari”, was developed

and shared with all Ferrari people. One Ferrari is based on our Values, and introduces 6 Guiding Principles (Collaboration,

Continuous Learning, Confident Humility, Focus, Fearless Organization, and Will to Progress), declined into concrete and

measurable behaviors, which aim to lead our daily actions. This new model has become part of the annual performance

appraisal phase, which has brought with it a renewal in both the tools and the dynamics of the performance management

process, now called “One Ferrari Performance and Feedback”.

Every employee, excluding blue collars, is able to continuously monitor performance, give and receive feedback,

work towards a final evaluation which is aimed at merging all the data into a definite and precise picture of the year spent,

and ignite actionable future developments.

All the people involved have access to a training on our performance management process through online training

video courses that are always available to all employees globally. Moreover, we organize assessment classes with external

psychologists and HR experts with the aim of evaluating employee potential. Blue collars, who are not involved in the

performance management process, have access to an assessment, based on development centers, aimed at developing their

career path. Starting in 2024, a pilot project was launched to evaluate blue collars based on assessments from their managers.

In addition, we continue the leadership development project for our Managers and Senior Managers, an individual

assessment of leadership behaviors aimed at continuous improvement and professional development, which also includes a

360-degree feedback. The results of these assessments are a fundamental asset for succession plans in key positions,

identifying career development opportunities and defining consistent retention actions.

Through our career development program, we encourage the professional growth of our employees and prioritize

filling key positions with talented internal candidates before tapping into the external market. The results of the analysis

carried out on our key positions held by our employees are used to develop specific succession plans, with a 2 to 4 year

timeframe. These plans aim to ensure Ferrari’s long-term competitiveness while leveraging the talents of our employees.

Moreover, in 2023, we created the Internal Job Posting within our employee corporate portal, allowing employees to apply

for new positions within the Company. The aim is to help talent emerge and to contribute to the creation of a culture of agility

and innovation.

In 2024, for the fifth year in a row, our effort to guarantee employee attraction and retention was also recognized by

the Top Employers Institute who positively evaluated the Company’s programs in terms of talent attraction, training, career

development, inclusion and respect for diversity, welfare, social commitment and innovation.

Our targets and metrics

We do not have specific measurable targets for talent recruitment and employee retention, but we aim to recruit

employees who are eager to learn and improve their performance through the actions described above.

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In 2024, 50.6% of employees received regular performance and career development reviews. This percentage is

attributable to White collars, Middle Managers and Managers and Senior Managers. For this reason, the percentage related to

women (71.0%) is significantly higher than that of men (46.7%) given that the blue collars category is predominantly male.

Employees receiving regular performance and career development reviews


2024
	% Male	% Female	% Other	% Not Disclosed	% Total
	% Male	% Female	% Other	% Not Disclosed	% Total
Managers and Senior Managers	98.7%	100.0%	—%	—%	98.8%
Middle Managers	96.4%	97.7%	—%	—%	96.6%
White collars	92.5%	90.6%	—%	—%	92.0%
Blue collars	—%	—%	—%	—%	—%
Total	46.7%	71.0%	—%	—%	50.6%

In 2024, each employee who was evaluated received one performance review, as agreed by management.

The metrics were obtained from an internal tool used for performance and career evaluation. Within the tool, only

employees as of December 31, 2024 who received an evaluation during the year were considered. The employees were then

classified into the four categories mentioned above based on their job title.

Diversity and Inclusion

Our policy

As outlined in the Code of Conduct (“Code”), Ferrari “want(s) an environment in which values are fostered and

ethical conduct encouraged, in order to create a setting in which teamwork is prioritised, the dignity of each individual is

respected, and there is no room for discrimination”. In order to reaffirm and renew our aim of spreading a corporate culture

based on inclusion and mutual respect, we have adopted the Diversity and Inclusion Practice and the Policy for gender

equality and diversity & inclusion. These policies cover the following impacts and opportunities: “Impacts on Ferrari’s

employees satisfaction and engagement by promoting awareness and culture about diversity and inclusion”, “Incidents of

discrimination (including gender discrimination in remuneration) and/or abuse along the value chain” and “Diversity of

governing body/executive team - The capabilities and perspectives of board/executive team members are important for

making robust decisions on an ongoing basis”.

The Diversity and Inclusion Practice of Ferrari N.V. was adopted by the Board of Directors of the Company on

September 14, 2023, and is applicable to the Ferrari Group (i.e., Ferrari N.V., Ferrari S.p.A. and their branches, subsidiaries

and controlled joint-venture), according to local legislation. The Practice was drafted taking into account the interests of

employees and, in fact, representatives of the Human Resources Department, as well as those of the Group Compliance,

Investor Relations & Sustainability and Legal Departments, participated in its drafting. Through this Practice the Ferrari

Group promotes the valorization of human resources and encourages the diffusion of a corporate culture based on inclusion

and mutual respect in the belief that Diversity represents a source of creativity, enrichment and innovation. Specific diversity

aspects have been identified as relevant for the Group: racial and ethnic origin, sex, sexual orientation, gender identity,

disability, age, religion, national extraction or social origin. For that reason, in carrying out its activities, the Group adopts an

approach aimed at guaranteeing equal opportunities at all levels of the organization as well as rejecting any form of

discrimination. In addition, and according to impacts, risks and opportunities, the Practice principles apply to specific areas of

interest: people attraction & acquisition - including recruiting- , people empowerment - including training and performance

and talent management - , people rewarding -including salary review and promotion. The Ferrari Leadership Team (FLT) is

accountable for the implementation of the Practice. Ferrari is able to monitor diversity and inclusion matters through the

continuous maintenance of the certifications related to Diversity and Equal Opportunity (Equal Salary Certification and UNI/

PdR 125).

In drafting this Practice and defining its ambitions, both the Dutch Corporate Governance Code (which was

published on December 8, 2016, and subsequently updated) and, more generally, the laws and regulations of the countries in

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which Ferrari operates were taken into consideration. In addition, the following internal documents and international

principles/guidelines were considered. In detail:

Internal documents in force at the time of the approval of this Practice:

• Code of Conduct;

• Human Rights Practice;

• Diversity Policy of the Board of Directors;

• Remuneration Policy of the Board of Directors;

• Human Capital Management Procedure;

• Annual Report.

Principles/guidelines issued by relevant international organizations:

• Guidelines on Diversity & Inclusion in the workplace (UN Global Compact);

• Guiding Principles on Business and Human Rights (United Nations);

• Declaration on Fundamental Principles and Rights at Work and Conventions (International Labour Organization);

• UN Agenda 2030 for Sustainable Development.

• EU Directive 2023/970 (Pay transparency)

• EU Directive 2022/2381 (Gender balance among Directors)

• UNI ISO 30415/2021 (Human resource management - Diversity and inclusion)

• UNI/PdR 125:2022 (Gender equality management system)

• Other Italian Legislative Decrees

Several procedures are in place to prevent discrimination, for instance, during the hiring process, career

development, and training activities.

In line with our Diversity and Inclusion Practice and to guarantee equal opportunities, our Company operates a

merit-based remuneration procedure, not discriminating based on gender, age, nationality, social status or cultural

background. Furthermore, Ferrari adopted a Remuneration Policy determining the compensation for the executive and non-

executive Directors (please refer to the chapter “Remuneration of Directors”).

The Policy for Gender equality and Diversity and Inclusion, which applies to the entire Ferrari Group, was drafted

taking into account the interests of employees, irrespective of specific vulnerable groups and the Diversity and Inclusion

Practice during 2024. The policy defines gender equality as a key element in enhancing diversity and promoting inclusion.

Ferrari believes that an inclusive work environment, open to diversity, is essential for attracting and retaining top talent,

fostering innovation, and ensuring the sustainable success of the Company. We monitor progress toward gender equality,

inclusion and women’s empowerment by collecting data and feedback to assess the effectiveness of our initiatives, ensuring

ongoing improvement. The results obtained and future goals are communicated periodically, transparently, and responsibly.

The Chief Human Resources Officer is the most senior level in Ferrari that is accountable for the implementation of

these policies.

The Diversity and Inclusion Practice and the Policy for Gender Equality and Diversity and Inclusion are public on

Ferrari’s corporate website and accessible to all employees on the Ferrari intranet.

Our targets

In 2022, we defined as a strategic goal to maintain a healthy growth rate of women in managerial positions,

considering the percentage of women in the total employee population. In 2017, we defined as an appropriate target to have at

least 18 percent women in managerial positions by 2027 in Ferrari Group, in line with the Dutch Act on balanced gender

diversity at the top of large companies of September 2021, and with our Practice. During the process of target setting the

interests of our employees were taken into consideration, however, we did not engage our own workforce or workers’

representatives. The Compensation Committee and the ESG Committee monitor the progress towards our targets on an

annual basis through specific KPIs included in this Report and if deemed necessary request a target revision.

64 Managerial positions refer to “Managers and Senior Managers” and “Middle Managers”.

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The continuous monitoring of our target shows that women in managerial positions 64 at December 31, 2017 were

11.8 percent (while women represented 12.2 percent of the total employee population) and at December 31, 2024 were 16.0

percent (while women represented 16.1 percent of the total employee population).

Our plan to achieve the target is to continue the implementation of initiatives and actions, such as fostering the value

of diversity in the panel of hiring candidates, monitoring the percentage of men and women involved in career plans and

salary reviews, and defining clear diversity objectives for all levels in the organization. For Ferrari it is important to guarantee

equal opportunities at all levels, for this reason, consistency between the global percentage and the managerial percentage is a

key indicator in our diversity strategy.

For Board of Directors Diversity Targets refers to the “ESRS 2—General disclosures—Governance—Board of

Directors diversity targets” paragraph.

Our actions

We have put in place many actions to reach the objectives outlined in the Diversity and Inclusion Practice. In 2023,

we have received the renewal of the Equal-Salary Certificate for providing equal pay to men and women with the same

qualifications and positions in the Company. This accreditation, confirmed in 2024, attested the Company’s ambition to

create an inclusive and diverse working environment while fostering career development for everybody. The Equal Salary

certification covers all the Ferrari Group and is valid for 3 years. During this period, two monitoring reviews are carried out

to verify that the ambition to a fair and non-discriminatory wage policy is constant. The certification process involves both

quantitative and qualitative evaluations. The quantitative evaluation, which must be surpassed to proceed to the qualitative

evaluation, consists of a detailed statistical analysis of compensation levels to verify that the gender pay gap is lower than 5

percent compared to a predictive statistical salary and that the accuracy of the data used is greater than 90%. The qualitative

evaluation assesses: (i) the CEO and Top Management’s ambition to Diversity and Inclusion matters, (ii) how Corporate

processes and policies are fair in terms of gender, (iii) employees’ perception of the inclusiveness of the culture and (iv) the

PDCA (Plan, Do, Check, Act) methodology application in all of the aforementioned processes. We see this certification not

as an end point but as a further stage of growth of the Company and an opportunity to continue to implement tangible actions

to ensure that everyone can pursue its own professional growth. In 2020, Ferrari was the first Italian Company to receive this

specific certification. No significant operational or capital expenditures have been allocated to these actions in 2024 or are

planned for the future.

In December 2024, Ferrari facilities located in Italy, received the UNI/PdR 125:2022 Certification, which testifies

our compliance with the guidelines on the management system for gender equality and with the set of performance indicators

(KPIs) inherent to gender equality policies on organizations, in six strategic areas such as culture and strategy; governance;

human resources (HR) management processes; opportunities for growth and inclusion of women in business; gender pay

equity and parental protection and work-life balance. The certification is valid for three years and is subject to annual

auditing. Gender Equality Certification is a tool with the objective of promoting the adoption of appropriate policies to reduce

the gender gap through fair career opportunities, equal pay, gender management policies and support for parenthood. We are

convinced of the need to continue promoting and implementing an equal opportunities certification in the years to come. This

certification not only demonstrates our ambition to equality and inclusion, but also allows us to continuously monitor and

improve our business practices. No significant operational or capital expenditures have been allocated to this action in 2024

or are planned for the future.

To continuously improve our Diversity and Inclusion approach and achieve our policy objectives, we have defined

some initiatives to support our employees in their work-life balance. Since 2023, we collaborate with a specialized education

technology company for our digital self-coaching project dedicated to new parents. The aim is to recognize the value of the

parental experience and enable Ferrari Group employees to apply the acquired parenting talents and expertise into their jobs.

Enrollment in the program is open to new parents (children aged 0-3) and expectant mothers. To assess the effectiveness of

this activity, at the end of the course, participants were asked to fill in a survey. The purpose of this survey was to understand

the degree of appreciation of the project. In 2024, 30 percent of participants were mothers, 96 percent of participants stated

they enjoyed the course, 70 percent stated they felt more strength in facing parenting challenges, 60 percent felt a better

work-life balance, and 90 percent recognized enhanced cross-cutting skills. Given the high level of appreciation for the

project, we will continue this collaboration in the coming years. No significant operational or capital expenditures have been

allocated to this action in 2024 or are planned for the future. This initiative complements other parental support projects

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included in the Company Welfare program, as detailed in the “S1—Own Workforce—Welfare and Working Environment”

paragraph.

Our metrics

In relation to the subjects of the Diversity and Inclusion Practice and the other related policies, below the description

of some figures.

Employees by gender and employee category


	2024
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total
Managers and Senior Managers	149	87.6%	21	12.4%	—	—%	—	—%	170
Middle Managers	661	83.2%	133	16.8%	—	—%	—	—%	794
White collars	1,456	73.7%	519	26.3%	—	—%	—	—%	1,975
Blue collars	2,294	91.9%	202	8.1%	—	—%	—	—%	2,496
Total	4,560	83.9%	875	16.1%	—	—%	—	—%	5,435


	2023
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total
Managers and Senior Managers	139	86.3%	22	13.7%	—	—%	—	—%	161
Middle Managers	618	83.4%	123	16.6%	—	—%	—	—%	741
White collars	1,369	74.9%	458	25.1%	—	—%	—	—%	1,827
Blue collars	2,077	91.9%	182	8.1%	—	—%	—	—%	2,259
Total	4,203	84.3%	785	15.7%	—	—%	—	—%	4,988

The data was extracted from the HR internal database and then classified into the four categories mentioned above,

considering employees in service as of December 31, 2024.

Employees by age group and employee category


	31 December 2024
	<30	30-50	>50	Total
Managers and Senior Managers	—	81	89	170
Middle Managers	4	536	254	794
White collars	311	1,403	261	1,975
Blue collars	394	1,558	544	2,496
Total	709	3,578	1,148	5,435

65 The Total Annual Remuneration of the CEO includes €3,123,629, recognized as share-based compensation expense during the years ended December 31,

2024, for equity awards granted under the Group’s Equity Incentive Plan 2023-2025 and the Equity Incentive Plan 2022-2024 that will vest in 2026 and

2025, respectively, subject to certain performance and service conditions. See also “—Directors’ compensation” and “—Share-based compensation of

executive Directors”.

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	12/31/2023
	<30	30-50	>50	Total
Managers and Senior Managers	—	79	82	161
Middle Managers	4	519	218	741
White collars	270	1,321	236	1,827
Blue collars	285	1,492	482	2,259
Total	559	3,411	1,018	4,988

The number of employees was extracted from the HR internal database, subsequently each employee’s age was

calculated based on the difference between December 31, 2024 and their date of birth.

Adequate wages


Adequate wages
	2024
Employees with adequate wage	100%

Employees in Italy and of foreign subsidiaries receive wages that exceed the minimum wage provided by the ESRS

guidelines (S1-10 AR 73). In particular, all employees of the Group in Italy are covered by collective agreements (Contratto

Collettivo Specifico di Lavoro (CCSL) and a collective bargaining agreement for our managers, signed by the Italian trade

union, Federmanager, on April 28, 2023).

Gender Pay Gap


	2024
Gross hourly pay	Male	Female	Gender Pay Gap
Managers and Senior Managers	€95.8	€93.4	2.5%
Middle Managers	€40.6	€42.8	(5.3%)
White collars	€25.2	€24.5	2.7%
Blue collars	€14.6	€13.6	6.9%
Total	€24.4	€26.4	(8.2%)

As indicated in the table above, we are in compliance with both the Equal Salary and UNI/PdR 125 certifications, as

we maintain a variation of less than 10%.

The methodology considers both the gross hourly pay level and the gender pay gap outlined in the ESRS Directive’s

guideline, ESRS S1-16, AR 98. Additionally, the total number of working days, excluding national holidays and weekends,

and contractual working hours, were calculated for each country.

Annual Total Compensation Ratio


	2024
Annual total compensation for the organization’s highest paid- individual 65	€7,983,034

66 The annual total compensation includes base salary, short-term incentives, competitiveness bonuses, long-term incentives, one-time bonuses or other

bonuses paid during the year, cash allowances and benefits in kind, such as cars, housing, private health insurance, wellness programs and annual retention

bonuses provided to the organization’s highest-paid individual and to all employees over the course of a year. For the purpose of calculating the annual

total compensation, full-time equivalent (FTE) pay rates are used for each part-time employee and total target amounts of bonuses and incentives were

considered.

67 These policies are part of “Quality, safety and environment” integrated policy for Ferrari S.p.A. and part of “Environmental, Safety, Quality and

Sustainability” integrated policy for Mugello Circuit S.p.A..

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Median annual total compensation for all of the organization’s employees excluding the highest-paid individual	€54,126
Annual total compensation ratio 66	147.5

In line with the ESRS standards, in 2024, the ratio of the annual total compensation for the highest-paid individual to

the median annual total compensation for all employees, excluding the highest-paid individual, was 147.5. In 2024 the

highest-paid individual was the CEO.

For further details on the internal pay ratios calculated in line with the Dutch Corporate Governance Code, please

refer to the “Remuneration of Directors—Remuneration of the Members of the Board of Directors and the Executive Council

—1. Remuneration Strategy for the 2023 Financial Year—Lock up period—Internal pay ratios” chapter.

Health, Safety and well-being

Health and Safety

Our policy

We are dedicated to safeguarding the health and safety of the entire Ferrari workforce by preparing and adopting

every necessary and appropriate measure to uphold our workplaces to the highest standards of health, safety and hygiene.

We promote the dissemination and reinforcement of a health and safety culture within our organization, in particular

by raising awareness on health and safety-related risks and fostering responsible behaviors of all our employees, also through

awareness-raising campaigns and training activities. The practice covers the following impacts: “Work-life balance, attention

to mental health with positive impacts on employees’ physical and mental well-being” and “Work-related injuries

(employees, workers whose work or workplace is controlled by Ferrari)”. We regularly evaluate the impacts of our operations

and investments to minimize any potential risk on our employees and communities. We do so by implementing all the

necessary control measures and remediating identified risks of accidents, injuries, and health and environmental impacts. For

further information please refer to our “S1—Own workforce—Human Rights” paragraph.

Moreover, as part of the management system ISO 45001:2018, Ferrari has formalized two Health & Safety policies 67

covering Ferrari S.p.A. and Mugello Circuit S.p.A., respectively. Both policies aim to achieve the best possible occupational

health and safety conditions, including accident prevention, for its employees and collaborators, as well as for suppliers and

contractors in general.

Through these policies, defined without stakeholder involvement, Ferrari embraces and renews its ambition to

respect, protect and promote health and safety, in accordance with legislative obligations, as well as any other regulations or

agreements voluntarily entered into by the Company and in line with its impacts, risks and opportunities. For information

regarding the interaction between material impacts, risks and opportunities and strategy and business model, refer to

paragraph “ESRS 2—General disclosures—Strategy”.

The most senior level in Ferrari that is accountable for the implementation of these polices is the Chief Executive

Officer (CEO). Both policies are available on the Ferrari intranet.

Our targets

Our main objective is to promote and disseminate a culture of health and safety across the entire Ferrari Group,

consistent with our policies described above. We have internal targets on the reduction of the injury rate, the hours of training

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and the number of audits conducted. We monitor the health and safety KPIs with the ambition to reach the “zero-injury goal”.

Since 2021, targets have been measured annually with a defined baseline and have been monthly monitoring for deviations.

Management reviews and sets these targets on an annual basis, focusing on continuous improvement. While our targets are

generally lower than industry averages, international standards set significantly higher benchmarks. Employees have not been

involved in the target-setting process, however, targets are regularly monitored and shared via the Ferrari intranet.

Our actions

Below a description of the actions implemented that contribute to the achievement of our targets.

We place a strong emphasis on the safety of our people and are dedicated to the prevention of workplace accidents.

Our hazard identification, risk assessment and incident investigation processes are developed in accordance with the

highest international and national voluntary standards and normative requirements on health and safety. In addition to formal

meetings being held with employee representatives, periodic meetings are also held with management to review safety issues

and share best practices. The risk assessment output is a detailed risk list and the related preventive measures. In addition, the

assessment revealed the workers most at-risk for each risk, including both employees and non-employees, across Mugello

Circuit S.p.A. and Ferrari S.p.A. sites. These include areas such as the foundry, heat treatment facilities, engine test rooms,

racetrack, car refueling stations, gasoline circuit intervention workshops, warehouses, engine/component test cells, assembly

lines, and car storage facilities.

Periodic internal health and safety audits are performed to ensure compliance with our health and safety

management system, applicable laws and best practices of Ferrari S.p.A. and Mugello Circuit S.p.A.. Specifically, 100

percent of employees and non-employees of both Ferrari S.p.A. and Mugello Circuit S.p.A. are fully covered by the health

and safety management system in accordance with legal requirements. Our health and safety management systems are

certified ISO 45001:2018, a voluntary international standard, which specifies the requirements of an occupational health and

safety management system with reference to the activities performed within the premises of the organization by its employees

or external workers.

We continue to make significant investments in safety at work, improvements in the existing structures and specific

training have allowed us to achieve significant results. Mandatory health and safety training is provided to all new hires

during the second day of the induction program, while periodic sessions are developed for all employees. We provide

employees who test our cars with specific on-track driving training to make sure they have all the skills required to perform

emergency maneuvers, if necessary. In addition, a specific health and safety section is part of the training program of the

“Department Team Leaders”. Moreover, periodic meetings with the Representatives of Safety Workers (RLS) are scheduled

quarterly and not just annually, as required by the CCSL (“Contratto Collettivo Specifico di Lavoro”) to address any potential

health and safety threat that could arise.

Mandatory trainings are completed by 100 percent of the addressees and cover Ferrari S.p.A. and Mugello Circuit

S.p.A.. Health and safety mandatory training has been in place since the obligation exists. These activities are conducted

annually and, according to local regulations and internal practices, will continue in the coming years. At present, the primary

method for assessing the effectiveness of the training content is the test administered at the end of the course. No significant

operational or capital expenditures have been allocated to this action in 2024 or are planned for the future.

We remain dedicated to advancing the program aimed at highlighting the “near misses”: events that could have

caused injuries but did not. Active since 2021 in Ferrari’s production facilities, the program operates on a “bottom-up” logic,

enabling everyone, including those who carry out simple operational roles, to submit reports. The “Near Miss program” aims

to map hazards or weaknesses in Ferrari’s risk management and correct them to prevent future incidents. This activity is set

to continue in the coming years. Currently, similarly to the other health and safety actions, effectiveness of measures results

from the low frequency and magnitude of incidents. No significant operational or capital expenditures have been allocated to

this action in 2024 or are planned for the future.

Our metrics

The table below shows the number of injuries, the working hours and the injury rate divided between employees and

non-employees monitored in the reporting period. In 2024, the injury rate was 0.98 with 9 occurrences and no fatalities

occurring. Each work-related injury is analyzed to determine the cause, and appropriate measures to avoid reoccurrences are

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then implemented. We continue to monitor injuries while strengthening prevention efforts and conducting in-depth analysis

to prevent recurrence. The metrics reported below are not validated by an external body.

The following data is in headcount.

Number of injuries and injury rate

EMPLOYEES

Injuries


	2024
Total number of recorded working injuries	9
Of which working injuries with absence from 1 to 3 days	4
Of which working injuries with absence of over 3 days	5
Of which serious working injuries (not considering deaths)	—
Of which number of fatalities as result of work-related injuries	—
Working hours	9,146,021
Number of days lost to work-related injuries and fatalities from work-related accidents	191
Recorded working injury rate	0.98

Work-related ill health


	2024
Number of cases of recordable work-related ill health of employees	1
Of which number of fatalities in own workforce as result of work- related ill health	—
Working hours	9,146,021
Number of days lost to work-related ill health and fatalities from ill health related to employees	193

NON EMPLOYEES

Injuries


	2024
Total number of recorded working injuries	1
Of which working injuries with absence from 1 to 3 days	—
Of which working injuries with absence of over 3 days	1
Of which serious working injuries (not considering deaths)	—
Of which number of fatalities as result of work-related injuries	—
Working hours	1,692,308
Number of days lost to work-related injuries and fatalities from work-related accidents	9
Recorded working injury rate	0.59

Work-related ill health


	2024
Number of cases of recordable work-related ill health of employees	—
Of which number of fatalities in own workforce as result of work- related ill health	—
Working hours	1,692,308
Number of days lost to work-related ill health and fatalities from ill health related to employees	—

68 The definition of ill-heath includes the diseases of “ILO List of Occupational Diseases”.

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Health and safety contents are also covered by the CCSL (Contratto Collettivo Specifico di Lavoro), signed on

March 8, 2023, and also by the Accordo Premio di Competitività Ferrari, signed on September 25, 2019, and renewed on

November 13, 2023, valid for the four year period 2024-2027, providing a specific Health and Safety Commission involving,

on a monthly basis, both the Company and the workers’ representatives for health and safety. CCSL and Accordo Premio di

Competitività Ferrari cover 93.4 percent of Ferrari S.p.A. and Mugello Circuit S.p.A. employees.

OTHER WORKERS WORKING ON FERRARI SITES


Fatalities
	2024
Number of fatalities as result of work-related injuries	—
Number of fatalities in own workforce as result of work-related ill health 68	—

During 2024, no practice of Ferrari has caused or contributed to significant adverse health and safety impacts on its

workforce.

The metrics are monitored through our internal portal, including the number of injuries, days of absence, and work-

related illnesses for both employees and non-employees. For other workers operating on Ferrari sites, metrics are received

only via email, as suppliers report incidents directly. Worked hours are provided by the Human Resources function through

their portal. All data is consistent with the S1-14 AR 83 to AR 95.

Welfare and Working Environment

Our actions

We know that the highest individual and team performance is only achieved if employees feel they are in an

empowering environment. We also believe that the quality of our products cannot be separated from the lives of the people

working at Ferrari.

One of our many strengths is the ability to attract, retain and develop talents. Since 1997, we have launched our

unique set of initiatives, with the intention of developing a high-quality working life for Ferrari employees, both

professionally and personally. Over the years, the project has become a pillar of our culture, based on redesigning the

working environment, enforcing a safety-first culture, enabling individual development, enhancing teamwork and building a

community now comprising 60 different nationalities.

Our complex in Maranello, a state-of-the-art work environment, was designed to reinforce the synergistic

relationship between work and results. With the needs of our employees firmly in mind, our manufacturing facilities are

specifically created to combine carefully designed lighting systems - projected to maximize the amount of natural light - and

several external and internal green areas. Thermal comfort throughout the factory is also a crucial requirement and, since

2013, the in-plant foundry is equipped with a cooling system that makes it air-conditioned and climate controlled. Special

measures aimed at reducing the environmental impact and noise using advanced technologies are also in place. As an

example, the design of our manufacturing facilities is aimed at providing the workplace with maximum acoustic comfort

thanks to noise reduction solutions (source and reverberation). In addition, in 2024, we inaugurated the e-building, based on

the concept of flexibility. The e-building will house the production and development of internal combustion, hybrid and full

electric models, it is also a strategic asset for the construction of electric motors, batteries, electric axles and vehicle

assembly. In this facility, various solutions have been designed to improve the well-being of people in the work environment:

ergonomic workstations, relaxation areas, acoustic and visual comfort, and the correct mix of natural and artificial lighting

are some of the aspects that are the most beneficial.

As part of its longstanding commitment to well-being and work-life balance, Ferrari has been offering the preventive

medical program “Formula Benessere” since 1999. This program allows employees in Italy to participate voluntarily, free of

charge, in a single annual appointment comprising specialist medical consultations.

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Until 2023, employees could undergo specific medical examinations within the Company premises. Starting from

2024, the program has been revised to provide each employee with a comprehensive medical check-up. This includes six

specialist consultations, with the option to add a gynecological or urological examination, along with a series of blood tests.

Notably, the check-up is designed to be completed in a single session, during working hours.

The specialist visits cover ophthalmology, cardiology, dermatology, internal medicine, and sports medicine. Ferrari

also extends this dedicated annual check-up, free of charge and on a voluntary basis, to its employees’ children. Starting in

2024, the eligible age range for children has been expanded from 5-15 years to 4-17 years. In 2024, more than 2,500

employees, representing around 52 percent of eligible population, and over 1,000 children benefited from medical and

specialist check-ups performed through “Formula Benessere”, which will continue in the following years. These cover Ferrari

S.p.A., including Italian stores. The effectiveness of these actions is assessed through a statistical report on employee and

children attendance to the welfare initiative, and an internal satisfaction questionnaire. Moreover, employees can access

medical and physiotherapeutic support during trips related to the Formula 1 World Championship.

To promote an active lifestyle among our employees, our program also includes the access to a gym. It is available

for all the employees in Maranello, while employees at the Modena plant have a free membership in one of the city gyms. No

significant operational or capital expenditures have been allocated to this action in 2024 or are planned for the future.

As part of the initiatives to promote work-life balance, Ferrari offers the “Formula Estate Junior” program to

strengthen the sense of belonging among employees and their families while, above all, providing tangible support for

parenting during the Italian summer school break. This project, created for the children of Ferrari Maranello and Modena

employees aged 3 to 13, provides a summer camp centered around fun and structured with socio-educational programs. These

include sports activities, excursions, and educational workshops tailored to each age group.

The fifteenth edition saw the participation of more than 800 children. This initiative, which will continue in the

following years, provides children with an exciting and educational experience. Each edition of the “Formula Estate Junior”

camp is designed around a specific educational theme developed by professional educators in collaboration with the local

community. The effectiveness of this activity is assessed through the monitoring of children’s participation and an internal

satisfaction questionnaire dedicated to employees. No significant operational or capital expenditures have been allocated to

this action in 2024 or are planned for the future.

Education has always been one of Ferrari’s most important values to uphold. "Formula Scuola” is a program that

supports education through the award of scholarships to outstanding students and textbook reimbursements. The scholarships,

named after our founder Enzo Ferrari, are awarded to Ferrari S.p.A. employees and their children who have continued their

studies and achieved excellent academic results. In 2024, our Chairman and CEO presented 105 scholarships to talented

students during a special award ceremony organized for the occasion. The scholarship program has reached its fifteenth

edition and will continue in the future. The effectiveness of these actions is assessed through a report on the number of

employees and children enrolled in this initiative and an internal survey. No significant operational or capital expenditures

have been allocated to this action in 2024 or are planned for the future.

The textbook reimbursement initiative, on the other hand, is available to children of Ferrari employees in Italy

enrolled in middle and high schools. In 2024, it benefited 782 employees.

Many other activities to foster a shared sense of belonging were carried out in 2024 by the Ferrari Group, including

the long awaited Family Day, the Finali Mondiali at the Imola Circuit, and Esperienza Ferrari.

Characteristics of Ferrari employees

Ferrari’s workforce mainly consists of blue and white-collar workers. Our workers operate in various areas,

including the foundry, warehouses, assembly lines, test rooms for engines and car components and the racetrack. Our

workforce is divided between employees and non-employees, with the latter including agency workers, staff lease workers

and interns. The entire own workforce of the Ferrari Group has been included in the scope of the disclosure under ESRS 2.

Additionally, except for health and safety matters, there are no people with particular characteristics that may be at greater

risk of harm.

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As of December 31, 2024, Group employees were 5,435, an increase of 9 percent compared to December 31, 2023

4,988. We expect to continue growing over the next few years to meet our key priorities.


	2024
	Number of employees (head count)
Country	Female	% Female	Male	% Male	Other	% Other	Not Disclosed	% Not Disclosed	Total
Total Italy	744	14.6%	4,344	85.4%	—	—%	—	—%	5,088
Total Rest of the world	131	37.8%	216	62.2%	—	—%	—	—%	347
Total Group	875	16.1%	4,560	83.9%	—	—%	—	—%	5,435
	2023
	Number of employees (head count)
Country	Female	% Female	Male	% Male	Other	% Other	Not Disclosed	% Not Disclosed	Total
Total Italy	665	14.3%	4,001	85.7%	—	—%	—	—%	4,666
Total Rest of the world	120	37.3%	202	62.7%	—	—%	—	—%	322
Total Group	785	15.7%	4,203	84.3%	—	—%	—	—%	4,988

As shown in the tables above, 93.6% of our employees work in Italy, which is considered the only significant

location of operation as this is where our plants and most of our workforce is located.

Employees are categorized based on the terms and conditions of their employment contracts. Permanent employees

have an indefinite employment contract, whereas, temporary employees have fixed-term contracts. Non-guaranteed hours

employees are employed on contracts without a minimum guaranteed number of working hours. Full-time employees work

the standard hours as defined by applicable legislation or the employment agreement. Part-time employees, however, work

fewer hours than full-time thresholds. These distinctions apply across all countries where Ferrari has facilities.

Geographical distribution information is obtained from the HR internal database. All employees covered by the

CCSL, along with Ferrari N.V., fall within the Italian perimeter.


	2024
	Female	Male	Other	Not Disclosed	Total
Number of employees (head count)	875	4,560	—	—	5,435
Number of permanent employees (head count)	853	4,536	—	—	5,389
Number of temporary employees (head count)	22	24	—	—	46
Number of non-guaranteed hours employees (head count)	—	—	—	—	—
Number of full-time employees (head count)	853	4,556	—	—	5,409
Number of part-time employees (head count)	22	4	—	—	26
Number of non-employees (head count)	249	820	—	—	1,069

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	2024
	Total Italy	Total Rest of the world	Total Group
Number of employees (head count)	5,088	347	5,435
Number of permanent employees (head count)	5,085	304	5,389
Number of temporary employees (head count)	3	43	46
Number of non-guaranteed hours employees (head count)	—	—	—
Number of full-time employees (head count)	5,064	345	5,409
Number of part-time employees (head count)	24	2	26
Number of non-employees (head count / FTE)	1,062	7	1,069

Most of our employees have a permanent contract (99.2%) and almost all our employees are full time (99.5%).

The data in the tables above includes all employees working for Ferrari’s entities and the data is disclosed in head

count. The information refers to the end of the reporting period.

The data was directly extracted from the HR internal database and classified into the categories described above.

Employee turnover by gender


	Female	Male	Other	Not disclosed	Total Group
Employees at December 31, 2024	875	4,560	—	—	5,435
Departures	44	180	—	—	224
Departures (%)	5.0%	3.9%	—%	—%	4.1%

The employee turnover is calculated using as the nominator, employees who left during the year due to dismissal,

retirement, or death in service, and as the denominator, the number of employees at the end of the reporting period.

Characteristics of Ferrari non-employees

Total number of workers who are not employees and whose work is controlled by the organization


	2024	2023
Agency workers	235	227
Staff leasing workers	752	680
Interns	82	81
Total	1,069	988

Non-employees contribute to various departments across the Company, depending on the workload and ongoing

projects. Agency and staff leasing workers are both hired through agencies, though they differ in employment terms: agency

workers are hired on a temporary contract, while staff leasing employees hold permanent contracts. Interns are managed

separately, and participants in school-to-work programs and curricular internships are excluded from the total count. The

information in the table above refers to the end of the reporting period and refer to non-employees in head count.

Please refer to “Overview of Our Business—Employees” for information on employees.

Data Responsibility, Privacy and Cybersecurity

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We regard the protection of personal data as a top priority of our organization. We respect the right to privacy of our

workforce, irrespective of their functions or characteristics, undertaking to use the data and information provided in a

legitimate, fair and transparent manner in accordance with applicable laws.

In conducing our business operations, we strive to act in accordance with the current legislative framework that

governs the processing of personal data at a global scale, including but not limited to the General Data Protection Regulation

“GDPR” (EU Regulation no. 2016/679), the UK GDPR and the California Consumer Privacy Act of 2018 “CCPA”. The data

protection legal framework has steadily developed in recent years and has brought a new awareness to privacy.

Workforce personal data are collected for the management of the employment relationship, as well as for regulatory

and organizational purposes. Such data are handled with the utmost level of accuracy and confidentiality.

Our policy

Within its implementation of the provisions set forth in the EU/2016/679 General Data Protection Regulation

(GDPR), Ferrari decided to describe the privacy organizational structure of the Ferrari Group and to establish and regulate the

Ferrari Privacy Committee. Ferrari also identified the individuals involved in the processing activities and their respective

roles and responsibilities, including the Data Protection Officer “DPO”, responsible for the compliance with the Privacy

regulation.

The workforce Privacy Policy, available on the Ferrari intranet, is applicable to all employees of Ferrari S.p.A.,

while the subsidiaries and branches of the Ferrari Group worldwide implemented local privacy notices in compliance with the

applicable local legislation. The recipients of this Policy are all directors, managers, employees, temporary workers, interns,

and scholarship holders of the Ferrari Group.

We care about processing data in a safe and transparent manner, and in this respect, according to our Code of

Conduct, we take the utmost care to protect the personal data of the individuals who are part of Ferrari and those who come

into contact with us. The practice covers the following impacts and risk: “Willful and/or unintentional security breaches

involving confidential business information, stakeholder privacy and losses of stakeholder data, for the detriment of

stakeholders (employees and clients)” and “Cybersecurity incidents deriving from successful external/internal cyber attacks

(phishing, malware, ransomware, social engineering, etc.) on Ferrari or its Third Parties”. In line with our impacts,

opportunities, and risks, the Code of Conduct includes specific guidelines related to respect and ensure data protection for

confidential information and personal data. Ferrari S.p.A. updated the Privacy Policy in January 2024. During 2024, the

Ferrari Group also updated the Privacy Policies of its subsidiaries’ employees in Germany, France, Australia, Dubai branch,

UK, Singapore and Japan.

Privacy and personal data protection are also covered by our Human Rights practice. According to the latter, Ferrari

processes all the collected personal data in compliance with applicable data protection laws and security and privacy policies.

Please refer to the “S1—Own workforce—Human Rights” paragraph for further information.

Our targets

We strive to ensure that every step of our production follows current regulations, however, we have not set specific

targets on data protection and privacy. Our priority is to ensure compliance with data protection and privacy laws, particularly

with the EU/2016/679 General Data Protection Regulation (GDPR).

Our actions

Below a description of the actions implemented to effectively manage the potential negative impact identified during

the Double materiality analysis. For further information please refer to “ESRS 2—Impacts, risks and opportunities

management”.

We have adopted a progressive approach to ensure compliance with data protection and privacy law requirements.

We have implemented new processes such as digital systems to collect consents and privacy notices acknowledgments, the

adoption of a governance tool to periodically update the records of processing activities, to perform privacy impact

assessments, to perform the balancing test and to manage cookies. Moreover, we have created internal procedures among

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which the Privacy Procedure, the Privacy by Design Procedure, the Data Retention Procedure, the Data Breach Procedure,

the Appointment and management of system administrators, the Data Subject Access Requests Management Procedure. To

answer requests from data subjects and to comply with applicable regulations, we have implemented an online portal

(OneTrust) which allows anyone, including employees and consumer and end-users, to make privacy requests in a structured

format. Ferrari has also in place a specific e-mail address where employees and stakeholders can submit their privacy

requests. We provide the operating instructions for authorized persons within the Company who process personal data, we

have identified internal privacy referents within Company departments and we have in place an internal Privacy Committee.

To track and assess the effectiveness of this tool we have implemented specific KPIs related to data breaches. No significant

operational or capital expenditures have been allocated to these actions in 2024 or are planned for the future.

In case a transfer of Personal Data to third parties is necessary, we have implemented a Data Processing Agreement

(DPA) to be signed between Ferrari and the third-party processing personal data on its behalf. The process requires the filling

out of a specific “DPA” section during the issuance of a privacy relevant purchase request to the supplier. An Intercompany

Data Protection Agreement has been signed by Ferrari S.p.A. and its subsidiaries.

The Compliance department, with the support of the Human Resources department, identifies and proposes

appropriate awareness-raising activities for Ferrari’s personnel on personal data protection and on the rules defined in

Ferrari’s internal regulations. Training is mandatory for every new hire, as well as when there are changes in duties or the

introduction of significant new tools, with significant impact on the processing of personal data. E-learning courses are

organized for and addressed to employees who are involved in the processing of personal data, while courses related to the

correct collection of client data and their consents are organized for the Dealer Network. Whereas, dedicated face-to-face

trainings have been delivered to the Referents of the Privacy Structure and to at risk areas. The purpose of the training is to

raise awareness on data risks and prevention measures. It focuses on key aspects of personal data regulations, available

measures to prevent harmful events, relevant responsibilities and ways to stay updated on the Company’s security measures.

The effectiveness of the training courses in guaranteeing proper data protection and privacy is assessed through a final test. In

2024, there were no significant changes to these trainings and for the future, we will continue with the activity carried out in

previous years. No significant operational or capital expenditures have been allocated to this action in 2024 or are planned for

the future.

Any unauthorized access to our information technology systems may compromise the confidentiality of Ferrari’s

intellectual property or the privacy of our clients’ information and expose us to claims as well as reputational damage. For

these reasons, we have always paid the utmost attention to cybersecurity. To defend, detect and respond to cybersecurity

incidents, we have implemented several actions, among which we conduct proactive privacy and cybersecurity reviews of

systems and applications, including yearly attack exercises to test our cybersecurity posture, audit applicable data policies,

perform penetration testing using external third-party tools, techniques and security service providers to test our posture,

operate a bug bounty program to encourage proactive vulnerability reporting.

We regularly engage external auditors and consultants to support with periodic security assessments such as

penetration testing, continuous and automatic vulnerability assessment, email and web filtering, endpoint and infrastructure

protection, data loss prevention, authentication systems, and advisory and support on certain cybersecurity enhancements.

Worldwide primary cybersecurity companies are frequently involved. These partnerships enable us to leverage specialized

knowledge, insights and training, ensuring our cybersecurity strategies and processes remain aligned with fast evolving risk

scenarios and new technologies. Every activity, involving the entire Ferrari Group’s IT infrastructure, is continuously

monitored both by the systems themselves and through internal controls. These activities are structured to include periodic

reviews at an appropriate frequency to minimize the risk of cyberattacks to the greatest extent possible.

Annually, all Ferrari employees are provided with specific trainings on information security and cybersecurity. The

same training is provided to external workers too. This training is delivered both online and in-person, and it is part of

regularly launched training campaigns. Internal “phriendly phishing” campaigns are regularly carried out to assess the level

of awareness of the Ferrari population regarding phishing. Phished people have been and will be addressed by specific risk-

based training activities. At the end of each training session, a learning test is administered to verify the effectiveness of the

topics discussed. The testing cycle is continuously performed (8 times in the last 7 years, plus 4 complete cycles planned in

2025) constantly varying the bait to stay aligned with the new and ever-changing attack techniques. Training is similarly

performed, always considering the newest threats (e.g. IA and deep fake, Quishing) and, whenever necessary, tailored to

specific needs or topics.

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The overall operational and capital expenditure allocated for these activities was about € 4 million (please refer to

the paragraph Consolidated Financial Statement) in 2024. For 2025, we have defined activities aligned with the previous

year, updates are possible given that we plan to develop our new business plan in 2025.

For further details see “Corporate Governance—Cybersecurity”.

69 Drive Sustainability is a partnership between leading automotive companies. The mission of the partnership is to work together to improve the social,

ethical and environmental performance of automotive supply chains.

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S2 - Workers in the value chain

Stakeholder Engagement

Our current practice does not entail the direct involvement of value chain workers or their representatives in the

assessment of impacts, both actual and potential, that might affect them. Instead, we focus on the interaction and dialogue

with the representatives of the companies for which these workers work. Please refer to paragraph “G1 Business Conduct—

Responsible purchasing practices” and to paragraph “ESRS 2—General disclosures —Strategy —Interests and views of

stakeholders” for more information about the interests, views, and rights of Ferrari’s value chain workers.

Workers in the value chain

Ferrari’s value chain involves a diverse range of people across various sectors and geographical locations. Alongside

our own workforce, workers within the value chain also play a fundamental role.

Upstream workers are part of the supply chain that provides raw materials, components and services to Ferrari. They

include metal and mineral extraction workers, involved in the extraction and refining of metals used in the production

process, and workers engaged in the production of components and materials. In particular, regarding supply chain workers

engaged in the mining and processing of tantalum, tin, tungsten and gold (collectively, ‘3TG’ or ‘Conflict Minerals’), Ferrari

maps its supply chain to gain awareness of the sourcing status of 3TG materials from potential conflict zones to avoid

knowingly using conflict minerals that support or fund inhumane treatment, including human trafficking, slavery, forced

labor, child labor, torture and war crimes. At the end of this monitoring, Ferrari prepares a Final Report to be submitted to the

SEC. In cases where high-risk suppliers are identified, the Compliance Department and the Management of the Purchasing

Department determine the intervention strategy to be adopted. At the end of each year, the results of the above-mentioned

campaign are shared with the relevant buyers to ensure the implementation of any actions defined by Compliance and

Management. Please refer to the “S2—Workers in the value chain—Conflict minerals” section for more information. Except

for 3TG's workers in high-risk or conflict-affected countries, we have no other information regarding geographies, country or

other levels, or commodity areas within the Company’s value chain where there may be a significant risk of child labor, or

forced or compulsory labor. However, we gather information on business ethics, environment practices, human rights,

working condition and health and safety for workers in our supply chain through SAQ (Self-Assessment Questionnaire)

surveys provided by Drive Sustainability 69. This process has primarily involved our Tier-1 suppliers and, in certain cases,

extends to Tier-2 or Tier-3 suppliers.

Downstream workers include mostly dealers responsible for selling Ferrari cars and logistics workers that manage

the transportation and delivery of vehicles and parts. In addition, workers operating on our sites that are not part of our own

workforce (i.e. temporary workers) include consultants, and employees of cleaning and temporary building maintenance

companies.

Currently, we do not have detailed information on the presence of value chain workers who could be particularly

vulnerable to the negative impacts identified through the Double materiality analysis.

Furthermore, we have a few workers involved in the joint venture with which we collaborate.

Our policy

We encourage the adoption and sharing of sustainable practices among our business partners, suppliers and dealers.

All suppliers must respect the Ferrari Code of Conduct, which includes the set of values recognized, adhered to and promoted

by our Company. In line with our impacts, opportunities and risks, the Code of Conduct was updated in 2023 to include

specific guidelines relating to the respect of human rights, environmental protection, ethical and integrity principles, with

consideration also given to the value chain.

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As indicated in the paragraph on the Code of Conduct, this also extends to all suppliers, dealers, advisors and agents

of Ferrari, as there is no specific Code for them.

In line with our Code of Conduct, we defined our Human Rights practice that sets out key principles such as the

prohibition of child labor, compulsory labor and forced labor, trafficking and serfdom, attention to a healthy and safe working

environment, rejection of any form of abuse, harassment and discrimination, zero tolerance concerning corruption and

protection of the rights of local communities. The Practice is applicable to the entire Ferrari Group. The Practice addresses all

workers who work for or on behalf of Ferrari, such as suppliers and business partners across its upstream and downstream

value chain.

For more information about the practice, please refer to “S1—Own workforce—Human Rights” paragraph.

In 2024, to the best of our knowledge there were no severe human rights issues or incidents, nor any cases of non-

respect of the human rights principle embodied into the internationally recognized standards mentioned in the “S1—Own

workforce—Human Rights” paragraph, among value chain workers.

Our targets and metrics

Currently, we have not defined specific targets for workers within our value chain. To guarantee a high standard of

ethics and behavior, we require all third parties that wish to collaborate with us to sign the Statement of Commitment, an

annex of our contract, to comply with the Code of Conduct and the Organizational Model established by Legislative Decree

no. 231/2001. For more information on this document please refer to paragraph “G1—Business Conduct—Responsible

purchasing practices”. Furthermore, Ferrari uses specific tools to monitor and stay informed about its suppliers. These tools

allow for a thorough screening of all available online news regarding environmental, social and governance (ESG) issues.

This process not only ensures greater transparency, but also enables Ferrari to make more informed decisions, thus promoting

the social responsibility and ethical commitment of its supplier network.

Our actions

We are in the process of structuring an ESG Due Diligence activity on our suppliers, however, we have not yet

formalized a specific action plan to address the material impacts, risks and opportunities on all workers in the value chain.

This implies that we have yet to implement systematic measures to identify, assess and mitigate risks that may

jeopardize the well-being of workers involved in the different stages of our value chain. Furthermore, we have not developed

concrete strategies to exploit opportunities that may arise in relation to the management of labor rights and working

conditions within the value chain. However, we recognize the importance of taking a proactive approach in this area and are

actively working to structure our due diligence process with the aim of developing a strategic framework for action.

The Drive Sustainability questionnaire and the Compliance Evaluation are preliminary activities for a more

structured ESG Due Diligence activity also aimed at preventing the above-mentioned potential negative impacts on workers

along the value chain. Before entering in any form of commercial collaboration with a supplier, we undertake a thorough

assessment through the Compliance Evaluation process, which allows us to analyze the supplier from multiple angles,

ensuring that it meets high ethical and legal standards. The main areas of analysis include anti-corruption, trade sanctions,

money laundering, conflict of interest, ethics (including human rights) and reputation. On the other hand, the Drive

Sustainability Questionnaire is mainly intended for those with whom a contract is already in place. Through the latter we

request suppliers to provide detailed information regarding their social and environmental practices. In this questionnaire, we

request general information regarding their code of ethics, implemented human rights policies and the existence of complaint

mechanisms or formal complaint handling procedures. In addition, we ask for specific information on workers’ health and

safety to ensure that the highest standards are met. In addition to social aspects, the questionnaire also includes questions on

environmental issues. In particular, we examine the responsible sourcing of raw materials and the sustainable management of

the entire value chain. This holistic approach allows us not only to assess the current practices of our suppliers, but also to

promote a collective commitment to sustainability and social responsibility within our supply chain. For more information on

the Drive Sustainability Questionnaire and the Compliance Evaluation, please refer to paragraph “G1—Business Conduct—

Responsible purchasing practices”.

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In 2024, in line with our aim of structuring ESG due diligence activities, we decided to undertake an initial risk

assessment process that will cover both internal aspects of our organization and employee-related aspects along the entire

value chain. This initiative was motivated by the emerging need to comply with new regulations, such as the Corporate

Sustainability Due Diligence Directive (CSDDD), which requires companies to assess and manage human rights and

environmental risks along the entire value chain. Through this process, we aim to strengthen our sustainable governance,

consolidate our reputation, and contribute to long-term responsible and sustainable development, to align with the latest

regulatory and social expectations. The value chain risk assessment will provide us with an opportunity to improve our

practices and create shared value. Based on the findings, we will evaluate actions to address risks related to workers in our

value chain. The actions described above are the starting point of a structured ESG due diligence activity, which will be

extended to all suppliers in the coming years.

Regarding the ethics violations reporting channels made available by Ferrari, as specified in the “G1 Business

Conduct—Whistleblowing” paragraph, our official Ethics Helpline also allows workers in the value chain to report violations

of the Code of Conduct. However, there is no dedicated activity to assess whether value chain workers are aware of this

channel even if it is publicly available on Ferrari corporate website. Currently, we do not have formalized processes to

systematically address potential negative impacts that could affect workers in our supply chain. However, in daily practice,

Ferrari is committed to taking proactive measures when it becomes aware of a possible involvement in situations of human

rights violations associated with workers in our supply chain. In such cases, our Company proceeds with a direct approach,

contacting the supplier involved to initiate a constructive dialogue. This exchange is aimed at obtaining clarification and

detailed information on the specific circumstances. This not only allows us to better understand the situation, but also to work

together with the supplier to find appropriate solutions and ensure decent working conditions for all workers.

Conflict minerals

Ferrari supports the goal of preventing the exploitation of minerals violating human rights, with specific reference to

tantalum, tin, tungsten and gold (collectively, “3TG” or “Conflict Minerals”) originated from high-risk or conflict affected

countries (“Covered Countries”), that may be included in our cars and/or products. As part of Ferrari’s commitment to respect

and promote human rights and the sustainability of its operations, Ferrari selects suppliers based not only on the quality and

competitiveness of their products and services, but also on their adherence to social, ethical and environmental principles, as

outlined in Ferrari’s Code of Conduct.

Therefore, we place a high priority on responsible sourcing and the integrity of our suppliers, and we strive to ensure

that the livelihoods of individuals in Covered Countries are not harmed by our efforts.

In particular, Ferrari has developed actions and strategies aimed at complying with the applicable Conflict Minerals

National and International rules and regulations, such as by way of example Section 1502 of the Dodd-Frank Act and the

subsequent rules promulgated by the U.S. Securities and Exchange Commission, requiring companies to determine whether

3TG in their supply chain originated from the Democratic Republic of Congo and its adjoining countries, and whether the

procurement of those minerals supported the armed conflict.

Due to the complexity of our supply chain, we are dependent upon suppliers to provide the information necessary to

correctly identify the smelters and refiners that produce the 3TG contained in our products and take appropriate action to

determine that these smelters and refiners source responsibly. In accordance with the Organization for Economic Co-

operation and Development (“OECD”) Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-

Affected and High-Risk Areas, we have established an internal management system in relation to the supply of Conflict

Minerals with the objective, inter alia, of:

• minimizing the trade in Conflict Minerals that directly or indirectly finance or benefit armed groups anywhere in the

world;

• enabling legitimate minerals from conflict and high-risk regions to enter Ferrari’s global supply chain, thereby

supporting the economies and the local communities that depend on the export of such minerals.

Specifically, we expect our suppliers to assure that the 3TG in their products do not directly or indirectly finance or

benefit armed groups in the Covered Countries.

Moreover, we require all of our 3TG suppliers to conduct the necessary due diligence and provide us with adequate

information on the country of origin and source of the materials used in the products they supply to us. The activity involves

70 Suppliers delivering components/materials used in the production of our sports cars.

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various supplier categories, including direct material suppliers for both Sports Cars and Racing, Lifestyle suppliers whose

products are sold through Ferrari Stores, indirect suppliers providing items sent to customers between vehicle orders and final

shipping (such as key holder gifts or 1:43 car models), and spare parts business suppliers whose products are purchased and

resold to customers. With reference to 2023, 95.73 percent of Ferrari’s direct suppliers70 by purchased value submitted

responses to our survey, in 2022 the response rate was 95 percent. The due diligence program for 3TG suppliers involves Tier

1 direct production, lifestyle suppliers, contact plan suppliers and after-market part direct suppliers. Ferrari conducts due

diligence on the source and chain of custody of the 3TG necessary for our products once a year, starting in December and

concluding the activity within May to analyze the collected information.

The design of Ferrari’s conflict minerals program is consistent with the Organization for Economic Co-operation

and Development Due Diligence Guidance for Responsible Supply Chain of Minerals from Conflict-Affected and High-Risk

Areas, Third edition, and related Supplements on Tin, Tantalum and Tungten and on Gold (collectively, “OECD Guidance”).

Ferrari uses the tools and programs developed by the Conflict-Free Sourcing Initiative (“CFSI”), and industry initiative that

audits smelters and refiners’ due diligence activities, including in particular the Conflict Minerals Reporting Template

(“CMRT”) and the Conflict Free Smelter Program (“CFSP”). We are strongly committed to increasing the coverage of our

analysis and the response rate through targeted actions. No significant operational or capital expenditures have been allocated

to this action in 2024 or are planned for the future.

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S3 - Affected communities

Our goal is to create and share long-term value with our stakeholders. Community engagement and involvement

with the local territory are essential to us, particularly in Maranello and Modena, where all our cars are manufactured.

To maintain alive the spirit of Ferrari and the story of its founder Enzo Ferrari, two different museums have been

established, attracting every year thousands of visitors from all over the world thus continuously benefiting the local

community.

We are aware of our responsibility towards the community and our efforts are directed to support its development,

mainly through collaborations with local universities and schools and thanks to the industry network in the Emilia-Romagna

region. We believe that promoting the education of young talents is an essential step to reinforce the connection with local

communities. Developing talented and brilliant engineers with a specific academic background focused on emerging

technologies in the automotive industry, and in particular innovative solutions for state-of-the-art performance in luxury

sports cars and racing cars, is essential for the Group to seize future opportunities.

Please refer to the “ESRS 2—General disclosures—Strategy—Interests and views of stakeholders” paragraph for

more information on interests, views, and rights of our affected communities.

Our policy

In line with our values, our impacts, risks and opportunities, we seek to play a key role in supporting the

communities within which we operate, with a view to shared growth. For this reason, according to our Code of Conduct, we

engage in constant and transparent dialogue with communities and the main local stakeholders involved directly or indirectly

in our activities and in the development of social initiatives. The practice covers the following impacts and opportunity:

“Support community education through general and technical programs”, “Impact on the community (e.g. Maranello) wealth

thanks to the employment (e.g. job opportunities for local students, financial stability of employees)” and “Improved

reputation and acquisition of new skills/expertise through stronger relationships with local communities and wealth

generation (e.g. collaboration with schools and universities, local job creation, support for small local businesses)”.

Opportunities arising from impacts and dependencies on affected communities are related to communities of Ferrari

S.p.A.. Additionally, there are no negative impacts on affected communities with particular characteristics, those at greater

risk of harm or those living in particular contexts.

Ferrari is firmly dedicated to respecting the rights of local communities and to positively contributing to their

realization, believing that their cultural and natural heritage, as well as traditions and customs, are key elements for the

success of its business and for the whole society. Our support to a range of associations and local authorities is evidence of

our commitment in this area.

For a detailed description of key contents refer to the Code of Conduct, please refer to the “G1—Business Conduct

—Business conduct policies and corporate culture” paragraph. In addition, the attention to affected communities is also

outlined in the Human Rights Practice. For additional information please refer to the “S1 —Own workforce—Human Rights”

paragraph.

In particular, the affected communities can raise their concerns or needs through the Ethics Helpline, available on

our corporate website. The Whistleblowing procedure protects the whistleblower against retaliation.

In specific business relationship cases, Ferrari requires the acceptance of the Code of Conduct which includes

references to the Whistleblowing policy and the Ethics Helpline for reporting concerns. As of the date of publication of this

Report, the Ethics Helpline has not been officially communicated to the affected communities even if it is publicly reachable

from Ferrari corporate website.

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Ferrari has adopted a channel for raising concerns available for affected communities. For that reason S3-3 29 is not

applicable.

In 2024, to the best of our knowledge there were no severe human rights issues or incidents, nor any cases of non-

respect of the human rights principle embodied into the internationally recognized standards mentioned in the “S1— Own

workforce—Human Rights” paragraph, among affected communities.

Stakeholder Engagement

Ferrari communities extend beyond the students and professors of universities in Emilia-Romagna and technical

schools in the municipalities where our plants are located, to also include people who live and contribute to the vitality of the

surrounding local areas. Whereas, regarding local communities along the value chain, impacts have emerged as not relevant,

and the rights of indigenous people are not applicable, given the nature of our operational activities.

Specifically, we aim to promote education within the local community at the high school level by establishing long-

term relationships with technical schools, such as the Istituti Tecnici Superiori, in Maranello and neighboring towns. The

main collaborations participating in orientation committees, establishing “school-work” projects for students, bringing the

testimony of Ferrari technicians in classrooms, implementing training of trainers (TOT) activities, donating Ferrari

equipment, and participating in public tenders to finance technical classrooms and labs in collaboration with local schools.

The aim of these initiatives is to support schools in providing the new generations with the skills and tools needed to meet the

rapid technological changes taking place in society.

Community engagement takes place through technical committees composed of representatives of technical

institutes or universities, among which school directors and teachers in charge of such courses. The topics included in the

different course curricula are discussed with Ferrari representatives, with the purpose of providing students with the skills

needed for their future careers. Ferrari’s representatives are members of the Human Resources department, and they report to

the Chief Human Resources Officer, who is the most senior role that has the responsibility for ensuring the engagement

happens and that the results inform Ferrari’s approach on education. The frequency of the committees’ meetings varies

depending on both the level of education (i.e. at least three times a year with universities and annually with technical

institutes) and on the status of projects (i.e. in the case of new course being planned, the committee will be convened more

frequently compared to long-lasting activities).

These engagement activities can be considered effective given that this cooperation has been ongoing for many

years.

Ferrari is partner of the Motorvehicle University of Emilia-Romagna (MUNER), an association which was strongly

advocated by the Emilia-Romagna region. In 2024, Ferrari, as a member of its steering committee, collaborated in advancing

educational initiatives aiming for inclusivity in STEM fields and motorsports. These initiatives aim to examine the Italian

context, through the engagement of students from different backgrounds, nationalities, gender or religion with the objective

of breaking common biases towards engineering and technical professions and overcome barriers to inclusivity in their

studies and future careers. To gain insight, Ferrari conducts surveys, focus groups, interviews with students. This engagement

helps to understand their unique challenges and needs. Additionally, the committee conducts research to explore the reasons

behind gaps and lack of opportunities, particularly for students pursuing STEM and motorsports careers.

Affected communities included in the scope of the disclosure under ESRS 2 are mainly communities located near

the production plants. In 2024, no negative impacts on affected communities emerged. Nevertheless, a whistleblowing

channel is available to third parties, including members of the community.

Our targets and actions

We are strongly dedicated to actions and initiatives that have a positive impact on the affected communities, even

though no specific targets have been set.

Every initiative promoted is constantly monitored and measured with regard to its effects on the affected

communities thought qualitative indicators. The effectiveness of each action listed below is reported.

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Education

At the end of 2024, Ferrari installed a Miri Classroom at a local elementary school, located in Formigine (close to

Maranello). This project is a new, immersive, and inclusive learning environment where boys and girls become the

protagonists of their educational adventures. With the touch of a finger, they can travel through time and discover distant

places. All the content, developed by Giunti Scuola, is stimulating and interactive, suitable for every level of learning, from

preschool to primary school. We expect that around one hundred classes in the school will have the opportunity to use and

learn through this interactive classroom. Starting from 2024, this project delivered 250 immersive experiences engaging

students across all grade levels. If the project is successful, we could consider to extend it to other local schools in the future.

To verify the level of satisfaction we perform periodical reports tracked by the classroom internal system. Since the Miri

Classroom initiative was only recently implemented, measurable outcomes are not yet available. No significant operational or

capital expenditures have been allocated to this action in 2024 or are planned for the future.

We also continue our work with the e.DO Learning Center, an innovative educational project born in 2022 from the

synergy between Ferrari and the local area. The project was developed within a laboratory at the IIS Fermo Corni in Modena,

which has been completely refurnished and equipped with new technology and furniture thanks to the support from Ferrari.

This space, dedicated to students starting from the age of 8 up to the university level, offers the opportunity to learn about

artificial intelligence and new technologies through games, for the younger users, and through exercises, for the older ones.

The laboratory is equipped with 5 e.DO robots, with modular and multi-axis mechanical arms with integrated open-source

intelligence, developed by the company Comau. Since the debut of the project, more than 6,000 students have attended

lessons in the laboratory. In recent years, the program has been refined, alongside the ongoing maintenance of the robots.

Given the success of this project, we could expand it to other districts. To verify the level of satisfaction we administered a

survey to all students that participated in the activity. Since the e.DO Learning initiative was only recently implemented,

measurable outcomes are not yet available. No significant operational or capital expenditures have been allocated to this

action in 2024 or are planned for the future.

Since 2013, Ferrari has been a partner of “ITS Maker”, the Emilia-Romagna Higher Institute of Mechanics,

Mechatronics, Motor and Packaging. The project aims to deliver two-year courses to provide the most in-demand technical

skills in a practical way, also thanks to an internship that takes up 40 percent of the total course hours. Additionally, the

Company is involved in courses on electronic systems, powertrains, materials and composites, and every year hosts

approximately 20 ITS Maker students in the Sports Cars and Scuderia departments, providing them with the opportunity to

apply their technical skills in a practical way. In 2024, a new course titled ‘Restoration and Historical Cars’ was launched.

Ferrari is actively involved through its Classiche workshops, supporting the program with a dedicated restoration workshop

focused on vintage engines. Through its involvement in these specific courses, Ferrari contributes to the creation of an

innovation and development ecosystem, preparing the next generation of technicians and engineers for future challenges and

generating a strong impact on the local economy. For this reason, we monitor the effectiveness of this action using different

KPIs, such as the employment rate of graduates, the percentage of workers with permanent contracts, and the proportion of

students who continue their academic paths. No significant operational or capital expenditures have been allocated to this

action in 2024 or are planned for the future.

We have established collaborations with leading universities worldwide that include the possibility for students to

develop bachelor and doctoral theses as well as other research projects.

Since 2017, Ferrari has been partner of the Motorvehicle University of Emilia-Romagna (MUNER), an association

strongly advocated by the Emilia-Romagna region. We plan to continue this partnership in the future. MUNER was created

thanks to a synergistic connection between the universities of Modena and Reggio Emilia, Bologna, Ferrara and Parma along

with car companies (Automobili Lamborghini, Dallara, Ducati, HaasF1Team, HPE Group, Marelli, Maserati, Pagani, Visa

Cash App RB Formula One Team) in the region that represent the excellence of Italian brands, which includes Ferrari.

Thanks to existing partners and those who join every year, the opportunity to access new automotive knowledge and skills

continues to increase. The Motorvehicle University of Emilia-Romagna hub aims to attract the best university students from

all over the world, with the goal of training and introducing the engineers of tomorrow into the corporate world.

The educational offer includes the following Master’s Degree programs, whose design and implementation saw the

active participation of Ferrari: Advanced Automotive Engineering (AAE), Electronic Engineering for Intelligent Vehicles

(EEIV) and Electronic Vehicle Engineering (EVE). The formative catalog of the latter is entirely devoted to electrical

vehicles and aims at forging new professionals with a comprehensive view of all the phases and processes of the development

of an electric vehicle.

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In all these courses, the partners of the initiative participate in educational activities by teaching and co-teaching

courses, lessons, seminars and laboratories and by inviting students to visit the production plants. This partnership opens up

the opportunity for the most talented and motivated students to take part in internship programs with the companies involved.

In particular, the course Vehicle Conceptual Design (VCD) of the AAE and EVE programs, is entirely taught by Ferrari

Maestri, covering more than 20 lectures. In 2024, the number of enrollments in the three master’s degrees programs

increased, with about 9 percent of the students coming from foreign countries. Moreover, in 2024, MUNER continued to

offer high school and university students a variety of academic, business and cultural contents, all aimed at deepening their

understanding of high performance vehicles and engineering subjects. Since the foundation of MUNER, Ferrari has offered

various internship opportunities to over 75 students and hired around 53, directly upon graduation. This has contributed to the

fact that over 70 percent of students find a job within the first six months after graduation. In the coming years, we plan to

further enhance the course offerings and expand them where necessary.

Ferrari, through strategic educational partnerships such as the Motorvehicle University of Emilia-Romagna hub,

stands as a key player in creating opportunities for the economic well-being of the area. MUNER, in fact, not only attracts the

best university students from all over the world, but also acts as a gateway between academia and industry, training the

engineers of the future and fostering their entry into the local job scene. In this way, Ferrari contributes to the growth of the

community by fostering innovation and supporting the development of highly specialized skills that are essential to the

region’s economic and technological progress. No significant operational or capital expenditures have been allocated to this

action in 2024 or are planned for the future.

In addition, in 2024 the MUNER Gender and Diversity Empowerment Committee was officially established, with a

Ferrari representative as part of it. This Committee focuses on gender issues in the automotive sector and engineering

education. Indeed, since the automotive sector is characterized by significant gender disparity, addressing this issue at the

governance level becomes crucial. The Committee actively aims at pursuing a set of key objectives, including promoting an

inclusive corporate and academic culture that respects gender diversity, actively involving all stakeholders in decision-

making processes and job opportunities, sharing best practices and successful experiences in gender equality, and

implementing targeted training programs to raise awareness and educate on gender equality topics.

Furthermore, in 2024, Ferrari Group around the world promoted educational and charity activities for their local

communities, in collaboration with different partners.

Community value creation

Ferrari Museum Maranello & Museo Enzo Ferrari (MEF)

The Ferrari Museum Maranello invites visitors to experience the Prancing Horse dream first-hand, offering them a

journey through the Group’s history, values and automotive world.

The Museo Enzo Ferrari (MEF) is built around the house in which Enzo Ferrari was born in 1898. The MEF tells the

story of Enzo Ferrari as a young boy discovering the irresistible allure of the world of motor racing, his career as a driver in

1920s, as the driving force behind the Scuderia Ferrari in the 1930s, and then as Ferrari, the Constructor, from 1947 onwards.

In 2024, the Ferrari Museum Maranello and the MEF welcomed more than 850,000 visitors, contributing to the local

economy and positively impacting the wealth generation of the local community.

In 2024, the main exhibitions were:

• “Roaring 50s”, an exhibition on the history of the Modena Street circuit.

• “Scuderia Ferrari, the complete history”, celebrating the most successful Formula 1 team ever

• “One of a kind”, a glorious celebration of the exclusive world of personalization.

71 As of the date of the publication of this Statement, Ferrari has not carried out any assessment on client’s categories.

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S4 - Consumers and End-users

In this Sustainability Statement, we refer to consumers and end-users as clients.

Stakeholders Engagement

We are devoted to the highest level of client satisfaction, for this reason we strive to promote knowledge of our

products, the enjoyment of our sports cars both on road and on track, and foster long-term relationships with our clients,

which is key to our success. To achieve this objective, we have put in place different structured methods to directly engage

with them, from exclusive events and initiatives to dedicated client satisfaction surveys.

By purchasing our cars, clients become part of an exclusive community, united by a shared passion. We foster this

sense of fellowship with a number of initiatives and events, such as exclusive new model unveils, on-the-road driving events

such as the Ferrari Cavalcade, special experiences on track and dedicated programs for Ferraristi that own historical models.

For additional information, please refer to the “Client Relations” paragraph.

We have also built a structured process to assess the overall client satisfaction covering the product, the services

provided, the events we organize, and the overall client experience with the car.

Specific KPIs are constantly monitored and analyzed by the Marketing Intelligence department, the function that has

operational responsibility for ensuring that the engagement happens. The Marketing Intelligence department reports to the

Chief Marketing and Commercial Officer, the most senior role in charge of ensuring the results inform Ferrari approach. The

KPIs are measured through bespoke surveys for each car launch and collected for every new model, from range vehicles to

special and limited editions. A similar approach is adopted for evaluating the quality of service and satisfaction of our events.

The assessment process can involve proactively administering online questionnaires and conducting telephone

interviews with a sample of customers, or the customers directly reaching out to us.

Product satisfaction aims to evaluate performance, driving emotions, design, quality, comfort, devices and HMI of

our products. The evaluation is carried out through three different survey typologies in different time frames, which enables

us to gather client comments and feedback:

• Early stage: at the commercial launch of a new Ferrari model, client/prospect satisfaction is monitored with Demo

Test Drives of the new car at dealers’ showrooms.

• Second stage: after approximately 3 to 4 weeks of ownership, the first clients of the new model receive a survey,

“Report200”, to gather their first impressions of the recently purchased car. A brief questionnaire, managed by the

Ferrari Customer Care, is conducted by phone with the initial customers and is terminated after the first 200 replies

have been collated.

• Third stage: a few months following the launch, a third survey named New Car Buyer Satisfaction (“NCBS”) is sent

by email to the initial clients. The NCBS is a more complete, in-depth and detailed assessment on the car, and is

composed of more than 100 online questions aimed at gathering a thorough feedback on the vehicle.

The purpose of these three surveys is to collect client 71 opinions on the driving experience, including the car safety

devices. The topics of data treatment and privacy, and marketing practices are not included in the engagement process

however, through the available communication channels, the consumer can reach out for any concern regarding these issues.

Service satisfaction is monitored through an online survey and is evaluated through two different indices: Customer

Satisfaction Index (“CSI”) and Ferrari Relationship Index (“FRI”). The purpose of both indices is to evaluate client

satisfaction with respect to the sale and after-sale services. CSI focuses more on the latest service offered by the dealer, while

FRI focuses on the long-term relationship between clients and Ferrari. The results are gathered and analyzed through a

statistical model at our headquarters.

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The results of the product and service satisfaction analyses are used to outline any necessary action plan for current

models and, additionally, to identify potential features to be added to the next generation of vehicles. Recent surveys show

that client satisfaction for Ferrari products and services has constantly stayed at a very high level.

Starting from 2017, to improve the main client events organized by Ferrari’s headquarters (such as Esperienza

Ferrari, Digital or Physical World Premiere, Factory Tour etc.), we also started to evaluate the level of client satisfaction

through an online survey using digital tools. The results of our analysis are gathered and shared with the Operative Marketing

department. The results of the surveys measuring client satisfaction levels for our Ferrari Driving Courses worldwide (US,

Europe, Mainland China) have also been shared with the Corse Clienti department and Hub representatives.

Recognizing the importance of digital touchpoints to enhance the overall client experience, Ferrari continues to

develop the MyFerrari App. Dedicated to Ferrari clients, the app aims to enhance and foster their connection with the Ferrari

world through the direct distribution of tailored contents. For additional information, please refer to “Client Relations and

Sales and After Sales” paragraph.

Finally, it is worth noting that our dealers play a key role in engaging clients. For a better understanding of the

dealers’ role, please refer to the “Sales and After Sales” paragraph.

The Customer Contact Service is a dedicated service established by Ferrari, enabling clients to directly raise

concerns or requests regarding our products and services. This service is centralized at the Group level, except for the

Mainland China, Hong Kong and Taiwan region, where the service is provided locally. When a client contacts customer

service, including the one in Mainland China, Hong Kong and Taiwan, every single inquiry is categorized, monitored, and

managed until resolved, with all specifics recorded in a globally centralized shared database. We produce periodical detailed

reports to assess the status of inquiries. These reports are subsequently shared with the relevant Company departments and

made available to dealers. All client complaints are addressed and available for consulting through a dynamic dashboard.

This service addresses the impacts related to Quality and Safety, and Ethics and Business Conduct.

We have developed an integrated system between our customer care, dealers, Marketing department and area

managers to track all contacts with clients, manage inquiries and share the results of client and dealer satisfaction analysis.

In 2024, Ferrari assessed through its customer service satisfaction survey that all clients are aware of and trust the

Customer Contact Service for raising concerns or needs. This survey helps to evaluate client awareness of the available

communication channels and to verify the accuracy of the service provided. The workflow adheres to internal formalized

procedure designed to manage customer processes and communications effectively. Currently, no specific policies are in

place to protect individuals from retaliation when utilizing these structures or processes, nevertheless, the Whistleblowing

procedure protects the whistleblower against retaliation.

The chart below shows the flow between clients, dealers and Ferrari.

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Moreover, a dedicated Customer Care Service is available for our Lifestyle clients for any notices or concerns

regarding the e-commerce platform services.

In 2024, to the best of our knowledge there were no severe human rights issues or incidents, nor any cases of non-

respect of the human rights principle embodied into the internationally recognized standards mentioned in the “S1—Own

workforce—Human Rights”, among consumers and end-users.

Please note that consumers and end-users of the Ferrari Group have been included in the scope of the disclosure

under ESRS 2.

Risks and opportunities arising from impacts and dependencies on consumers and end users relate to all Ferrari

consumers and end users.

Please refer to the “ESRS 2—General disclosures—Strategy—Interests and views of stakeholders” paragraph for

more information on interests, views, and rights of our clients.

Vehicle quality and safety

Vehicle quality and safety are among our top priorities and Ferrari cars are always designed and manufactured with

the safety of our clients and other road users in mind.

Our cars increasingly incorporate electronic equipment developed with an integrated approach, which ensures the

best balance between safety, control, best-in-class performance and driving thrills.

We sell cars together with a scheduled program of recommended maintenance services to ensure that vehicles are

maintained to the highest standards to meet our strict requirements for performance and safety.

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Our policy

Our products and services are designed and manufactured, as far as reasonably foreseeable, so not to compromise

health, safety and physical integrity of customers, in accordance with our Human Rights practice mentioned in the “S1—

Own workforce—Human Rights” paragraph.

According to the impacts, risks and opportunities identified, our integrated quality, safety and environment policy

outlines our ambition to continuously improve products and processes which may impact quality, workers’ safety, the

environment and related management systems, also through digitalization and the adoption of the best available technologies.

The practice covers the following impact and risk: “Reduced level of vehicle safety and quality with consequent increased

risks for clients” and “Fast paced and uncertain laws and technical regulations proliferation: Regulatory tightening on safety

(e.g., system, speed limits, autonomous drive / ADAS), noise (i.e. limits on dB emitted), software update (e.g. R156) and

environmental (e.g. CO2 reduction), enhanced by societal pressures and uncertain in timing/type of future approval

constraints (e.g. EU7 emissions, short lead time between disclosure of technical requirements and required date of

compliance)”.

We strive to consolidate the relationships with our strategic partners and the strengthening of our supply chain, and

to collaborate to satisfy both customer and stakeholder expectations. In addition, we align the development and control over

our cars and production processes with up-to-date regulatory requirements. Our integrated quality, safety and environment

policy has been defined within the implementations and renewals of the ISO 9001:2015, ISO 45001:2018 and ISO

14001:2015 standards. The attention to quality aims to guarantee strategic planning, design, development, production, sales

and after-sales service objectives of our sports cars. For more detail on ISO 45001 refer to “S1—Own workforce—Health

and Safety—Our policy” and on ISO 14001 refer to “E1—Climate change—Environmental management system” paragraph.

The integrated quality, safety and environment policy is applicable to the Ferrari Group. The Chief Executive

Officer (CEO) is the most senior level accountable for the implementation of the policy, considering the interest of clients

and suppliers. Ferrari’s employees have access to the integrated policy on Ferrari intranet together with all necessary

procedures to ensure the highest level of product safety.

Through our Code of Conduct and Human Rights practices, we aim to ensure that our products and services do not

compromise the health, safety, or physical integrity of our customers, as far as reasonably foreseeable. Furthermore, we have

several internal procedures to guarantee the highest level of product safety.

Our targets and actions

We aim to ensure that every step of our design and production process follows current regulations. To guarantee the

compliance with applicable regulation and to achieve functionality, performance, safety and quality objectives, we develop

annually a Quality Plan with operational targets. This involves several Company functions, that through the review of the

previous year’s results, identify and set new ambitions and defines specific KPIs, monitored monthly throughout the year. As

of the date of publication of this Report, no specific public targets have been set.

Quality has always been at the basis of our success. With this in mind, we first certified our quality management

system in 1996. Over the years, we have consistently maintained this certification, positioning Ferrari among the first in Italy

to adopt updates and new revisions, while continually expanding its scope within the Company. The certification

encompasses the planning, design, development, production, sales and after-sales service regarding our Sports Cars. Our

approach to quality and continuous improvement creates a fertile environment for the development of innovative ideas and

solutions that will improve products, methods and the working environment.

The high-quality standards of our products and services are shared and followed by our suppliers and dealers to

ensure that every part of our value chain contributes to client satisfaction.

We manufacture and sell our cars around the world and our operations are therefore subject to a variety of laws and

regulations relating to environmental, health and safety and other matters. These laws regulate our cars, including their

emissions, fuel consumption, safety, and connectivity as well as our manufacturing facilities and operations.

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We are in compliance with the relevant regulatory requirements affecting our facilities and products around the

world. We constantly monitor such requirements and adjust our operations as necessary to remain in compliance. Our

approach is to ensure the same safety level in all markets to meet the certification requirement of the most stringent country.

All of our models are subject to a series of tests to obtain approval from the relevant authorities. Moreover, we start

assessing all our new models at an early stage of planning and design to identify areas of improvement.

To guarantee the highest level of passenger safety, we develop both passive and active safety systems.

Passive safety requirements are the initial guidelines assigned to the engineers to define the design of every

component, from car framework to all the retain components (airbags, seat belts, etc.). Moreover, specific devices are

installed in racing cars to obtain FIA (Federation International de l’Automobile) approval. With the aim of solving issues

beforehand, all of our models are subject to a series of tests to obtain approval from the relevant authorities. The tests are

reproduced in a state-of-the-art virtual environment before conducting them with real cars. Furthermore, we consistently

update the equipment to ensure their effectiveness is thoroughly monitored. All passive safety requirements aim at ensuring a

high level of safety in our cars. All actions related to Passive Safety have been implemented in our vehicles and will remain

in effect long-term, with regular updates as needed.

We believe that the future developments of vehicle safety will be linked to traditional and well known Active Safety

Systems (ABS, ESC) and modern Advanced Driver Assistance Systems (ADAS), capable of preventing or mitigating crash

occurrences. We are currently assessing the implementation of the most recent trends and developments in terms of

simplifying and facilitating the interaction between the car and the driver to avoid any distraction. ADAS are included into

our entire fleet, and we are working to implement new solutions for our upcoming models, such as lane keeping assist,

intelligent speed assist and driving drowsiness. All Active Safety requirements aim at ensuring the maximum level of safety

in our cars. The correct functionality of the systems is consistently monitored and verified during every scheduled

maintenance of each vehicle. Driver warning system and associated reactions are continuously run during each driving task.

Sensors represent another innovative solution that impacts vehicle safety. Indeed, sensors and the relevant know-

how built over decades contribute not only to the driving thrills and performance, but also to reliability and vehicle safety,

ensuring that this technology benefits all clients who purchase our products. Our first sensor, a position sensor, was adopted

in 1980 on the Ferrari 308GTBi. Now, a Ferrari car can have hundreds of sensors, including accelerometers, gyroscopes,

microphones, and others, which improve vehicle dynamics as well as performance and driving thrills. In the near future, our

cars will be equipped with new sensors that will allow us to further improve the existing features and enable new functions,

and that will play a fundamental role in battery management, increasing the life of the battery as well as the safety of our cars.

Moreover, extensive research and development is performed on virtual sensors that, applying Machine Learning techniques,

can extend the operating field of physical sensors to furthermore enlarge the data set available to enhance performance and

functionalities.

Longer term, new sensors technology will allow for new applications and a step-up in performance. By combining

sensors and software, it will be possible to further improve the performance and driving thrills of our cars. For instance,

comparing a Ferrari with a 6D sensor and one without it, we have reduced our braking distance up to 10 percent (according to

the driving situation) as a result of the information collected through accelerometers, gyroscopes, and the deep control vehicle

software know-how. Another example is the FAST (“Ferrari Active Suspension Technology”), a technology first introduced

on the Purosangue that enables our cars to apply the best suspension for every driving condition by keeping the vehicle body

at the best elevation for riding. FAST controls body roll in corners and the tire contact patch over high-frequency bumps,

while also supporting the active aerodynamics, like in the F80, to further enhance tire grip on the road across various driving

situations.

The overall operational and capital expenditure allocated for these three activities was about € 24 million (please

refer to the paragraph Consolidated Financial Statement) in 2024. The amount refers to software calibration (airbag control

unit and brake node), physical tests on full vehicle and representative samples, as well as approval and homologation crash

tests. Future costs related to active and passive safety will evolve according to the relevant regulatory requirements, while

seeking to explore innovative solutions that combine dynamic performance and safety.

The Group periodically initiates voluntary service actions to address client satisfaction, safety, and emissions issues

related to cars sold, including through recall actions.

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Dealers provide after-sales services to clients, either at facilities adjacent to showrooms or in stand-alone service

points across 252 facilities worldwide at December 31, 2024. After-sales activities are very important for our business to

ensure the client’s continued enjoyment of the car and the experience. For that reason, Ferrari strives for continuous

improvement in its after sales services. Therefore, we enforce a strict quality control on our dealers’ services activities, and

we provide continued training and support to the dealers’ service personnel. This includes our team of “flying doctors”,

Ferrari engineers who regularly travel to service centers to address difficult technical issues for our clients.

We offer our clients a scheduled program of recommended maintenance services in order to ensure that the cars are

maintained at the highest standards to meet our strict requirements for performance and safety. Our 7 Year Maintenance

Program, free of charge on any new car since 2011, is offered to further strengthen customer retention in the official network

and has been coupled with the possibility to extend the statutory warranty term of our standard warranty terms through the

Warranty Extension starting from the 3rd year up to the 7th year and the Power Warranty Coverage, covering from the 8th year

up to the 16th year of life of the car. For certain strictly limited series cars (for example, the Monza SP1 and SP2 and the

Daytona SP3) we introduced a Full Warranty Coverage Extension that can be applied after the 36-month commercial

contractual warranty. For hybrid models, such as the SF90 family and the 296 family, we introduced a new service called

Warranty Extension Hybrid, which allows the owner to buy a complete coverage after the 3rd year up to the 8th, including

replacement of the high voltage battery at the 8th year of life of the car. After the 8th year of life, a car (if in perfect

maintenance condition) can be included in the Main Power warranty coverage program (Maintenance and Power) through to

the car’s 16th year of life. Between the 16th year of life and the Classiche eligibility (20 year old car) Ferrari provides its

customers, in addition to standard maintenance items, also certain specific maintenance kits (Ferrari Premium) to preserve car

performance and safety systems. When a car follows the full maintenance program up to the 20th year of life, it automatically

obtains the Ferrari Classiche certification.

The overall operational and capital expenditure allocated for this activity was about € 100 million in 2024 (please

refer to the paragraph Consolidated Financial Statement). For 2025, we have defined activities aligned with the previous

year, updates are possible given that we plan to develop our new business plan in 2025.

Please refer to the “Overview of Our Business—Regulatory Matters—Vehicle safety” paragraph for more

information about vehicle safety.

Expanding the view to the quality and safety of our Lifestyle products, we perform specific tests including a

qualitative resistance test and a detailed chemical test to assess product composition. These tests are carried out on every

product of our personal luxury goods category.

Ethics and business conduct - Transparent information

Our clients are the backbone of our business together with our brand and our technology. In addition, and according

to our Code of Conduct, reputation is one of Ferrari’s most significant assets. Therefore, all our actions, inside and outside the

Company, must be guided by transparency and fairness. Our clients have access to accurate and accessible product- related

information, to avoid the potentially harmful misuse of products.

Our policy

In line with our impacts, risks and opportunities, the Code of Conduct states that clear and open communication,

both within the Group and with our stakeholders, is the building block of effective relationships. The practice covers the

following impact: “Reduced customer satisfaction/experience and limited customer choice in the event of lack of access to

information or in the event of access to partial or misleading information”.

We strive to convey accurate and comprehensive messages to our stakeholders, via the relevant departments at

Ferrari. Additionally, no consumers and end users have been addressed as consumers with particular characteristics that may

be at greater risk of harm.

A specific practice on transparent communication towards our clients has not been formalized. For more information

about the Code of Conduct, please refer to “G1—Business Conduct—Business conduct policies and corporate culture”

paragraph.

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Our targets and actions

All of our communication and marketing activities, across different channels such as our website, social media, and

events, along with all information related to our products and services, are designed to comply with applicable laws and

regulations in every country we sell or operate in. All our communication channels aim at providing the highest level of

transparency and fairness in information, even though specific targets have not yet been set. Annually we set specific KPIs

and internal targets which are monitored monthly throughout the year.

We have put in place specific actions to ensure quality and fairness of information, ensuring that all employees and

stakeholder, including dealers, adopt a consistent approach across all communication and marketing channels.

In this context, the Marketing and Commercial and Lifestyle departments, in collaboration with the Communication

department, are in charge of the direct and indirect information communicated to clients.

Indeed, dealers are dedicated to promoting and marketing our cars in a manner intended to preserve the Ferrari brand

integrity and to ensure the highest level of client satisfaction as well as respecting all applicable laws and regulations on

misleading advertising and unfair commercial practices. Through our in-house Ferrari Academy, we provide training to

dealers for sales, after-sales and technical activities. This ensures that our dealer network delivers a consistent level of market

leading standards across diverse cultural environments. This activity aims at continuous improvement.

For additional information on our communication and marketing strategy, please refer to the “Client Relations” and

the “Sales and After Sales” paragraphs.

We consistently provide information on the technical and performance characteristics of our vehicles and will

continue to do so, ensuring that clients have access to useful information to make the most informed decision. These include

information via the corporate website, product brochures and MyFerrari App. Brochures include detailed data on various

aspects of the car, such as engine, dimensions, safety, technology and comfort, design and performance, including GHG

emissions data. This document is part of the sales process, and it is useful for fully understanding technical and performance

characteristics of the vehicle. In addition, in 2024 we have redesigned and developed the new and innovative MyFerrari App,

available exclusively for Ferrari clients to enhance and foster their connection to the Ferrari world. This channel enables

clients to directly access features and services, strengthening their relationship with the brand and their preferred official

Ferrari dealer. The effectiveness of these activities is assessed through the continuous use of these channels. Based on

experience and best practices, these are the most appropriate tools to address potential negative impacts on our clients. For

the future, we plan to continue this activity and update these communication channels when needed. No significant

operational or capital expenditures have been allocated to this action in 2024 or are planned for the future.

Regarding GHG emissions data, these are fully compliant with current regulations. Please, refer to the “Regulatory

Matters—Greenhouse gas/CO2/fuel economy legislation” paragraph.

Similarly to sports cars and racing, we provide all mandatory technical and quality information about our lifestyle

products on specific labels or tags according to applicable laws and regulations.

Data Responsibility, Privacy and Cybersecurity

We regard the protection of personal data as a top priority of our organization. We respect the right to privacy of our

workforce and stakeholders, undertaking to use the data and information provided in a legitimate, fair and transparent manner

in accordance with applicable laws.

In conducing our business operations, we strive to act in accordance with the current legislative framework that

governs the processing of personal data at a global scale, including but not limited to the General Data Protection Regulation

“GDPR” (EU Regulation no. 2016/679), the UK GDPR and the California Consumer Privacy Act of 2018 “CCPA”. The data

protection legal framework has steadily developed in recent years and has brought a new awareness to privacy.

Client personal data are collected for different purposes, such as the management of their vehicle orders, for

marketing and profiling activities and for the management of the relationship of our clients, granting the highest level of care

and services. These data are processed with the utmost level of confidentiality.

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Considering our range of clients, the compliance with the GDPR and applicable laws, the services and products

offered, no consumer and no worker is clustered as “vulnerable” or at greater risk of harm.

Our policy

We care about processing data in a safe and transparent manner, and in this respect, according to our Code of

Conduct, we take the utmost care to protect the personal data of the individuals who are part of Ferrari and those who come

into contact with us. Ferrari has adopted specific policies on Privacy and Data Protection in relation to client’s personal data

processing whose recipients are all directors, managers, employees, temporary workers, interns, and scholarship holders of

the Ferrari Group. For that reason, please refer to the “S1—Own workforce—Data Responsibility, Privacy and

Cybersecurity” paragraph for further information on data protection policies and practices related to client data processing

activities.

Moreover, for information regarding policy on human rights involving also our clients please refer to “S1—Own

workforce—Human Rights”.

Our targets and actions

As of today, no targets have been set, however, we constantly monitor the correct adoption of the policy through

KPIs on data breaches.

The management of consumers and end-users’ personal data is ensured by the actions carried out by Ferrari with

respect to the recipients of the policies mentioned above. Particularly, we foster an effective and prompt response to requests

from data subjects, such as the implementation of OneTrust, an online portal which allows clients to make privacy requests.

This also allows us to assess and monitor whether the actions implemented are appropriate in response to the risk of breaches

of consumers and end-users’ data with regard to their privacy requests. Since this portal is the same one adopted for

employee privacy requests, please refer to the “S1—Own workforce—Data Responsibility, Privacy and Cybersecurity”

paragraph for further information.

Regarding our activities on Cybersecurity, please refer to “S1—Own workforce—Data Responsibility, Privacy and

Cybersecurity”.

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G1 - Business Conduct

Business conduct policies and corporate culture

At Ferrari, we seek to develop a cooperative environment in which the dignity of each individual is respected and

that embodies the highest ethical standards in business conduct. We are dedicated to maintaining a fair, secure, productive

and inclusive workplace for all members of our workforce, in which everyone is valued for its unique contribution.

The basis of Ferrari’s governance model is the Code of Conduct that embodies a set of values recognized, adhered to

and promoted by the Company. Ferrari believes that a conduct based on the principles of diligence, integrity and fairness is a

key driver for the social and economic development.

Ferrari endorses the United Nations (“UN”) Declaration on Human Rights, the International Labor Organization

(“ILO”) Conventions and the Organization for Economic Co-Operation and Development (“OECD”) Guidelines for

Multinational Companies.

Accordingly, our Code of Conduct aims to ensure that all members of the Ferrari Group workforce act with the

highest level of integrity and comply with applicable laws, thus contributing to build a better future for our Company and the

communities in which we do business.

Ferrari values are:

• INDIVIDUAL AND TEAM: Our talented individuals are our greatest resource. However, they can only pursue the

extraordinary by working together as a team. By fostering integrity, excellence and generosity, we give each of our

people the possibility to express their own full potential - and be part of something greater.

• TRADITION AND INNOVATION: Tradition and innovation drive each other. The ongoing quest for lasting firsts

is what fuels the Ferrari legend. Our ability to combine revolutionary technological solutions with exceptional

artisanal craftsmanship is what enables us to create icons that stay timeless in a fast-changing world.

• PASSION AND ACHIEVEMENT: Ferrari’s racing spirit lives on in emotions that transcend the road and the track,

ultimately becoming an authentic attitude towards life. Nothing excites us more than setting ambitious targets and

expectations – and then exceeding them, to push every boundary. It is how the power of passion becomes the beauty

of achievement.

The values are integrated into the Code of Conduct. The Company promotes its values and corporate culture both

internally, through training activities and employee engagements, and externally, by publishing them on the corporate

website.

Ferrari’s Code of Conduct can be found on our corporate website at https://www.ferrari.com/en-EN/corporate/code-

conduct.

Ferrari’s integrity system sets the elements:

• Principles, set out in the Code of Conduct, that capture Ferrari’s ambition to important values in business and

foundation for the corporate governance of the Ferrari Group and includes a framework comprised of the following

primary personal conduct;

• Practices that are the basic rules that must guide our daily behaviors in order to achieve our overarching Principles;

• Procedures that further articulate Ferrari’s specific operational approaches for achieving compliance and that may

have specific applications limited to certain geographical regions and/or businesses, as appropriate.

Practices and procedures are drafted with the precautionary principle in mind and are functional to the pursuit of the

interests of stakeholders, who are therefore the main reference point considered in their drafting. In particular, stakeholders

that have been included are those who are addressees of the practices and procedure. Our public Practices are available on the

Ferrari corporate website at the following link: https://www.ferrari.com/en-EN/corporate/practices.

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Our Code of Conduct, which was updated in early 2023, also strengthening the reference to ESG aspects, has been

approved by the Board of Directors of Ferrari N.V. and is applicable to the whole Ferrari Group.

For information about the role of the Board of Directors related to business conduct and their expertise on business

matters refers to the “ ESRS 2—General disclosures—Governance” paragraph, in particular to the column “Corporate

Governance and Risk management” of the Board of Director ’s “Skills”.

The implementation of the Code of Conduct is supervised by the FLT members, with regards to their department.

The practice covers the following IROs: “Promote awareness and culture about ethics of Ferrari management,

employees, business partners and other stakeholders, through specific tools (Whistleblowing channel) and training”,

“Potential non-compliance with Anticorruption Laws requirements due to external context or internal elements” and “Supply

chain ESG due diligence - factors considered in selecting and monitoring suppliers on environmental and social issues can

have an impact on consumer demand, reputational risks and the ability to effectively manage sourcing”.

IROs in relation to business conduct matters have been identified during the double materiality assessment with

focus on certain specific elements including location, activity, sector and the structure of the transaction.

The Code of Conduct applies to all Ferrari Group board members and officers, full-time and part-time employees, as

well as to all temporary, contract and all other individuals and companies that act on behalf of the Ferrari Group, regardless

of their location. The Code of Conduct also applies to Ferrari’s commercial partners and suppliers. Compliance with the Code

of Conduct in its entirety would not be possible without their contribution and consequently they are required to comply with

principles such as integrity, transparency and responsibility.

At the beginning of 2023, Ferrari N.V. adopted a Compliance Model in order to assess and govern, at a high level,

corporate responsibility laws and regulations that apply to the Company in all relevant jurisdictions. The Model consists of a

general part that describes the governance principles and structure of the Company, and a special part that highlights the at-

risk areas together with a description of the principles and specific controls implemented to prevent the perpetration of

offenses relevant for the Company. As for the Code of Conduct, the principles set out in the Compliance Model are

incorporated in our Practices and Procedures.

The Compliance and Internal Audit functions investigate possible violations of the Code of Conduct, reported either

through the Ethics Helpline and other reporting channels, or eventually identified during standard audits. For additional

information about such investigations, please refer to “—Whistleblowing”.

In 2024, in light of the last update of the Code of Conduct occurred in February 2023, a series of training activities,

both online and in person, have been carried out involving our employees. Moreover, in 2024, Ferrari continued to implement

a training and verification project in different departments aimed at raising awareness on the specific topic of information

confidentiality safeguards.

Furthermore, specific Business Ethics and Compliance (“BEC”) surveys are conducted by the Internal Audit and

Compliance functions as part of audit activities carried out according to the yearly audit plan, to assess the Ferrari Group's

worldwide workforce awareness of the Code of Conduct and other ethics-related procedures. In 2024, BEC surveys were

conducted on topics such as: Code of Conduct, Whistleblowing procedure, Gifts and Entertainment Expenses’ Management

procedure, Group Regulatory Framework and Information Confidentiality. Based on the related outcomes dedicated and

targeted training sessions and awareness activities were delivered.

Anti-Bribery and Anticorruption Practice

The Ferrari Group strives to uphold the highest standards of integrity, honesty and fairness in all internal and

external affairs and does not tolerate any kind of bribery.

The laws of virtually all countries in which Ferrari operates prohibit bribery and any violation of anti-bribery and

anticorruption laws would entail serious consequences for both companies and individuals, which can result in significant

fines, imprisonment of individuals and reputational damages.

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These principles are laid down in the Code of Conduct and the Anticorruption Compliance Practice, which officially

entered into force in 2020 and applies to the entire Ferrari Group pursuant to local legislation.

In particular, in line with our impacts, risks, and opportunities (please refer to paragraph “ESRS 2—General

disclosures—Impacts, risks and opportunities management”), the Practice aims to define principles and provide rules of

conduct and controls to all Ferrari Group people in the most at-risk activities (i.e. dealing with Public Officials, dealing with

suppliers and third parties acting on behalf of the Ferrari Group, Gifts & Hospitalities, Non-profit Initiatives, Mergers,

Acquisitions and Disposals, etc) in order to prevent corruption-related crimes and ensure compliance with Anticorruption

Laws to which Ferrari is subject. Such rules are further enhanced in internal Procedures regulating those specific areas

deemed at risk from an anticorruption perspective.

These Procedures include, among others: the Gifts and Entertainment Expenses Procedures; the No-Profit Initiatives

Procedure; the Procedure governing relations with Public Officials and Relevant Private Entities; the various Procedures

governing the selection of Third Parties (e.g. suppliers, dealers, sponsors) and the related anticorruption due diligence. The

practice covers the following risk: “Potential non-compliance with Anticorruption Laws requirements due to external context

or internal elements”.

Ferrari’s policy applies to every director, officer or other employee, consultant, agent, representative, supplier or

business partner. It entails that none of these shall, directly or indirectly, give, offer, request, promise, authorize, solicit or

accept bribes or any other perquisite (including gifts or gratuities, with the exception of commercial items universally

accepted in an international context of modest economic value, permitted by applicable laws and in compliance with the

Code of Conduct and all applicable practices and procedures) in connection with their work for Ferrari at any time or for any

reason.

The Internal Audit and Compliance functions periodically review the Anticorruption Practice and monitor its

implementation to ensure it operates with effectiveness.

The Compliance function is entrusted to oversee the design and implementation of the Anticorruption Practice, to

provide advice and guidance to personnel on Anticorruption Laws and issues relating to bribery and corruption, to monitor

the related risk and to provide support in training activities.

The most senior level in the Ferrari Group that is accountable for the implementation of this practice is the FLT. The

Practice has been drafted in line with the ISO 37001:2016 standard and is consistent with the United Nations Convention

against Corruption.

Practices and procedures are drafted with the precautionary principle in mind and are functional to the pursuit of the

interests of stakeholders, who are therefore the main reference point considered in their drafting.

The Anticorruption Practice has been adequately circulated, publicized and disseminated by Ferrari both internally

and externally, also through its inclusion in the relevant contractual agreements and arrangements. Please refer to the Ferrari

corporate website at the following link https://www.ferrari.com/en-EN/corporate/practices.

The Anticorruption Practice includes a specific section dedicated to training. Accordingly, mandatory training

programs are periodically developed by the Compliance function with the support of the Human Resources department.

These trainings have the objective of providing the necessary knowledge of Anticorruption Laws and the instructions to

recognize any potential criticalities to avoid questionable actions from an ethical standpoint.

Please refer to the “—Whistleblowing” section, where information on reporting and addressing concerns related to

business conduct is included.

In 2024, there were no convictions and no fines for violation of anti-corruption and anti-bribery laws, therefore, no

action has been taken to address breaches in procedures and standards of anti-corruption and anti-bribery.

In 2024, there were no incidents in Ferrari’s value chain directly involving the Company or its employees.

72 Within the risk assessment carried out by the Compliance function, the definition of function is a specific area of activity or responsibility within the

organization based on the type of work performed or the goals to be achieved.

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Risk-based training activities

During 2024, dedicated trainings and awareness initiatives on various compliance topics such as anticorruption have

been provided to our employees, with the aim to promote the consistency of their behaviors with the applicable anticorruption

laws and regulations.

We believe that every employee shall be informed on the applicable Anticorruption laws, so to be aware of the risks,

the relevant personal and corporate responsibilities and have a clear understanding of the actions needed to tackle bribery and

any potential violation of such laws. Mandatory induction training programs are delivered to all new joiners both in person

and through a specific e-learning platform with the support of the Human Resources department. These trainings provide the

necessary knowledge of Anticorruption laws and the instructions to recognize any potential criticalities.

Nevertheless, the Compliance function monitors the level of awareness on anticorruption - and all other compliance

topics, among which antitrust, privacy, and confidentiality, of the entire Ferrari population, including the FLT. Indeed, every

year, for all compliance topics, the Compliance function assesses the level of risk exposure of each area, function 72 and

activity. According to the results of this assessment, in-depth training is deployed to the at-risk functions on the specific

compliance topic. The training programs are targeted to employees who are identified according to their roles in Ferrari and

their related exposure to the concerned compliance risk.

Anticorruption training has not been deployed to Board members.

In 2024, the risk assessment revealed that 4 areas are the most at-risk in terms of Anticorruption topics: Marketing &

Commercial, Racing Revenues and Purchasing & Quality, representing approximately 20 percent of the areas considered in

the assessment. Consequently, tailored face-to-face training sessions and awareness activities were delivered to these areas in

relation, on a case-by-case approach, to the most significant anticorruption matters, including general ethical principles,

management of at-risk activities (e.g., third parties’ due diligence, gifts & hospitalities, non-profit initiatives) and the use of

whistleblowing channels and processes. Within the above-mentioned areas, the percentage of at-risk functions and their

members covered by the training activities was assessed following an in-depth risk assessment. This process aims to

safeguard individuals who may be exposed to such risks. The training is meticulously structured to address specific needs and

it has been delivered in-person to over 90 percent of the members of those functions.

Third Parties Compliance Practice

Dealing with third parties entails inherent risks, in terms of potential corporate liabilities, as well as financial and

reputational damages that Ferrari may suffer as a consequence of unlawful conducts carried out by third parties with which it

does business (“Third Parties”). Hence, Ferrari strongly believes that the capability to adequately evaluate Third Parties, as

well as promptly address any threats and risk factors, represents an essential requirement for the protection of its assets,

integrity and reputation in an overall and long-term vision.

Ferrari aims to collaborate with third parties that meet certain requirements both in terms of compliance with

applicable laws and regulations and in relation to ethics, integrity and transparency. In this respect, Ferrari has adopted the

Third Parties Compliance Practice, that establishes the general rules of conduct that must be followed at Group level when

dealing with any Third Parties, including active and passive counterparties as well as any further Third Parties with which

Ferrari may establish contractual relationships. The Practice involves counterparties that, according to the contractual relation

with Ferrari, receive payments from or give payments to Ferrari (i.e. dealers, distributors, sponsors, licensees, service centers

and direct clients of vehicles, consultants, suppliers, agents) and any further third party that does business with Ferrari,

whether as a legal and/or a natural person. This Practice officially entered into force in 2020 and applies to the entire Ferrari

Group pursuant to local legislation. The practice covers the following risk: “Potential non-compliance with Anticorruption

Laws requirements due to external context or internal elements”.

In particular, the Third Parties Compliance Practice underlines the importance of carrying out a “compliance

evaluation” before establishing any business relationship with a Third Party in order to examine its ethical reliability and

reputation, its involvement in a legitimate and lawful business, and its ambition to share Ferrari’s values of integrity and

fairness.

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By adhering to the principles outlined in the Third Parties Compliance Practice, Third Parties are therefore expected

not only to comply with applicable laws and Ferrari’s ethical principles and standards, but also to become active parties

towards their own employees and their respective third parties to disseminate a culture of compliance, integrity and

transparency.

The Internal Audit function carries out appropriate audits and controls to verify the correct implementation of the

Practice. The Compliance function periodically reviews the Practice and monitors its implementation to ensure it remains

updated and efficient, taking into consideration any organizational changes, emerging best practices, possible violations or

criticalities that have been identified.

The FLT is the most senior level in the Ferrari Group that is accountable for the implementation of this Practice.

No third-party standards or initiatives were used to draft the Practice. Practices and procedures are drafted with the

precautionary principle in mind and are functional to the pursuit of the interests of stakeholders, who are therefore the main

reference point considered in their drafting.

The Third Parties Compliance Practice has been adequately circulated, publicized and disseminated by Ferrari both

internally and externally, also through its inclusion in the relevant contractual agreements and arrangements. Please refer to

the Ferrari corporate website at the following link https://www.ferrari.com/en-EN/corporate/practices.

Whistleblowing

The Ferrari Group has set a specific procedure to investigate business conduct incidents, including possible cases of

corruption and bribery, promptly, independently and objectively. The Whistleblowing Procedure regulates the reporting

channels and the process of managing reports of possible violations originating from internal or external persons of the

Ferrari Group. It contains information about the objectives, scope of application, potential reporting subjects, operational

measures to manage the reporting and to investigate reported facts and address allegations or incidents. It encloses assigned

responsibilities and protection measures for whistleblowers.

As described in the Code of Conduct, the Ferrari Group has adopted the Ethics Helpline, a channel which allows all

stakeholders (employees, customers, suppliers and partners) and any third parties to request advice and/or report concerns

about alleged situations, events or actions which may be inconsistent with the values and principles set out in the Code of

Conduct, Organizational Models, laws and regulations, as well as business practices and corporate rules. The allegations are

assessed by the relevant departments of Ferrari and managed in accordance with the Whistleblowing Procedure, prepared on

the basis of international best practices as well as applicable laws and regulations. As of the date of publication of this

Statement, we do not have any additional procedures beyond those established by the applicable law transposing Directive

(EU) 2019/1937.

The Ethics Helpline can be accessed either by phone or by web, with multiple languages available, and it is an

essential element of the management process, in accordance with the Code of Conduct. It is managed by an independent

provider, and it is available 24 hours a day, seven days a week. We assess the effectiveness of the Ethics Helpline through the

continuous monitoring of the platform and the effective registration of the reports. All reported subjects and facts are

processed with the utmost confidentiality, so that the individuals who report an alleged violation in good faith are not subject

to any form of retaliation. In addition, in compliance with applicable local legislation, reports may also be made

anonymously. We developed a dedicated online training course on Whistleblowing topics and the training course on Ferrari’s

Code of Conduct also includes a section on whistleblowing, to ensure that all employees understand how the Ethics Helpline

operates and are aware of the contents of the Whistleblowing Procedure. The training on the Whistleblowing procedure is

mandatory for all new joiners or in the event of amendments to relevant internal regulations. In addition, in line with the

Compliance training approach mentioned before, specific training sessions are executed annually for those functions resulting

at high compliance-related risk. For further information on this approach, please refer to paragraph “—Training & Functions

at risk”.

Ferrari has adopted the Whistleblowing Procedure, in line with the Directive (EU) 2019/1937 of the European

Parliament and of the Council, where protection of whistle-blowers is enclosed. For this reason, G1-1 10 d is not applicable.

Furthermore, Ferrari employees may also seek advice concerning the application and interpretation of the Code of

Conduct by contacting the Compliance function or submitting a query to the Ethics Helpline.

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The reports received are classified into four categories corresponding to the four main principles of the Code of

Conduct: we protect people; we act with integrity; we are committed to operating in an environmentally responsible way; we

protect the resources, the tradition and identity of Ferrari.

The Internal Audit and Compliance functions, with the potential support of the Legal Affairs and Human Resources

departments, as well as other business functions possibly involved, assess all allegations. The outcomes and the potential

disciplinary/contractual actions resulting from each allegation are then notified to the relevant internal functions. The

measures taken are commensurate with the seriousness of the case and comply with the applicable legislation.

The Internal Audit and Compliance functions (to be collectively intended as the “Whistleblowing Team”) are

independent from the chain of management involved in the report, and attend periodical training sessions to properly manage

the Whistleblowing process. However, if one of the members of the Whistleblowing Team is in a situation of potential

conflict of interest, he/she shall promptly declare the existence of such a situation to the other members of the

Whistleblowing Team, abstaining from any activity related to the report and not being made aware of the subsequent

developments of the relevant activities. The report itself will be managed exclusively by the other members of the

Whistleblowing Team. In the event that all members of the Whistleblowing Team are in a situation of potential conflict of

interest, the Audit Committee will be informed of the situation and, to guarantee the same level of independence required, the

report will be handled by the identified corporate functions, in accordance with the Whistleblowing Procedure.

In addition, to provide maximum transparency to the entire process, a Whistleblowing Committee has been

appointed. It is composed of the Chief Human Resources Officer, the General Counsel and the Chief Internal Audit, Risk and

Compliance Officer. The Whistleblowing Committee meets periodically to monitor the progress of the investigations and the

implementation of the measures taken by the relevant corporate functions. Periodic reporting on whistleblowing management

is provided to the Audit Committee and further internal control bodies.

Responsible purchasing practices